Formic, a Robots-as-a-Service (RaaS) automation company, announced it has raised another $27.4 million in Series A financing led by Blackhorn Ventures with participation from Mitsubishi HC Capital America, NEC and Translink Orchestrating Future Fund, Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital and Lorimer Ventures. This new funding round brings the total Series A round to more than $52 million since January 2022.
Formic also offers fully 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, Formic’s growing fleet of robotic equipment completed 100,000 production hours at over 99% uptime, with another 100,000 hours expected in the next 170 days.
Formic plans to
With the new financing, Formic plans to expand its fleet of standardized equipment, increase its network of support experts across the U.S., and enhance its equipment-agnostic robotic automation software that leverages artificial intelligence (AI).
Formic also announced a joint commercial agreement with Mitsubishi HC Capital and U.S.-based Group Company Mitsubishi HC Capital America. And the two companies will collaborate to source and finance the entire lifecycle of Formic’s RaaS model, an all-encompassing managed solution for manufacturing automation.
KEY QUOTES:
“Manufacturers continue to struggle with labor challenges, yet robotic solutions that can automate these difficult-to-fill jobs are traditionally capital intensive and even intimidating for those without a specialist on hand to manage the project long term. With this additional financing, we can take on the heavy lifting for even more manufacturers, handling financing, deployment, management and support throughout the entire lifecycle. It’s all about simplicity and standardization that enables better productivity outcomes for customers.”
– Saman Farid, co-founder and CEO, Formic
“We continue to invest in businesses and technology that will rapidly unlock manufacturing capacity and create resiliency in the US supply chain. Working with Formic to augment front-line labor by democratizing access to automation is an actionable way for us to strengthen our industrial economy in real time.”
– Melissa Cheong, Managing Partner, Blackhorn Ventures
“Automation can help small- and mid-size manufacturers address labor shortages, control costs, improve safety and drive growth. However, financing is often a barrier to adoption. With Formic’s innovative solution and our ability to finance it, businesses can rethink their entire manufacturing model, from their human capital needs to equipment requirements.”
– Mitsubishi HC Capital America’s President of Vendor Solutions Jim Freund
