Formic, a Chicago, IL-based provider of robots-as-a-service (RaaS) automation to U.S. manufacturers, raised $27.4M in Series A funding.
The round was led by Blackhorn Ventures with participation from Mitsubishi HC Capital America, NEC, Translink Capital, Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital and Lorimer Ventures.
The company intends to use the funds to:
- Expand its fleet of standardized equipment to provide more automation to more manufacturers
- Increase its network of support experts across the U.S.
- Enhance its equipment-agnostic robotic automation software that leverages artificial intelligence (AI) for motion planning, predictive maintenance and system design, as well as more intuitive customer interfaces and dashboards
Led by CEO Saman Farid, Formic delivers supported robotic automation at a low hourly rate, including deploying the system and providing continuous monitoring and maintenance throughout the engagement to ensure success. In 2.5 years, the company’s fleet of robotic equipment has completed 100,000 production hours at more than 99% uptime, with another 100,000 hours expected in the next 170 days.
The company also announced a joint commercial agreement with Mitsubishi HC Capital and U.S.-based Group Company Mitsubishi HC Capital America.
FinSMEs
25/06/2024