Formant, a Mill Valley, CA-based data platform for robotics companies, raised $21m in its latest funding round.
Backers included BMW i Ventures, Intel Capital, and GS Futures.
The company intends to use the funds to:
- Continue to invest in product and GTM to drive enterprise adoption
- Expand partnership efforts and build out the Formant integration ecosystem
- Bring its solutions to more traditional segments of the automation industry
Led by Jeff Linnell, CEO, Formant provides a data platform to accelerate the adoption of intelligent robots into large organizations. To meet the needs of enterprise fleets, the company released advanced account management and security features to empower customers. They also launched Theopolis, an AI chatbot that enables non-technical users to interact with robot data and build visualizations inside of Formant.
This funding follows a year of growth for Formant, in which they increased revenue 500% year-over-year. This growth was driven by increased traction in blue chip companies across multiple verticals, including Blue River Technology (a subsidiary of John Deere) and BP, as well as robots-as-a-service (RaaS) companies including Burro, Scythe Robotics, and Knightscope.
FinSMEs
13/10/2023