Formic Technologies Inc., a Chicago, IL-based startup company that designs, develops, and maintains industrial robots, received an investment from Mitsubishi Electric Corporation (TOKYO: 6503) through its ME Innovation Fund.
The amount of the deal was not disclosed.
The company intends to use the funds to develop a new business model that evolves its automation solutions into more accessible formats for its customers going forward.
Formic Technologies offers a comprehensive range of services that include the deployment, installation and maintenance of automation systems using industrial robots for tasks such as palletizing and packaging. Using proprietary software, the company provides optimized solutions to the individual needs of clients, primarily small and medium-sized businesses. By combining these solutions with a financing model and subscription-based service, Formic Technologies reduces the burden on customers related to the deployment and maintenance of industrial robots, contributing to the acceleration of automation in the manufacturing sector to address challenges such as labor shortages.
FinSMEs
22/10/2024