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Formic Technologies Nets $26.5M Series A

PRIVATEJan 18, 2022

Amount Raised

$26.5 Million

Round Type

Series A

Chicagomachinery

Description

Formic Technologies, a provider of turnkey robotic solutions to American manufacturers, has raised $26.5 million in Series A financing.

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Company Information

Company

Formic Technologies

Location

4212 W Cortez St

Chicago, Illinois, United States

About

Formic is a U.S.-based robotics and automation company founded in 2020. It focuses on making automation accessible for small-to-medium sized manufacturers across America, specializing in end-of-line automation solutions like case packing and palletizing. Formic helps manufacturers enhance capacity, consistency, and reliability while reducing costs and downtime. The company operates on a Robotics-as-a-Service (RaaS) model, allowing manufacturers to implement robotic automation without upfront costs. Customers pay a fixed monthly rate based on productivity, with Formic ensuring uptime and performance. This model addresses challenges such as high capital expenditure and labor shortages. Formic offers a full-service automation package, including custom-engineered robotic systems, 24/7 bilingual technical support, and proprietary software tools like Formic Production Intelligence for real-time production insights. Formic's technology is utilized across various manufacturing sectors, enabling efficient and safe automation of packing and palletizing tasks. The company's customer-centric approach emphasizes shared risk and reward, providing ongoing support and guaranteed performance to help manufacturers thrive.

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Funding Insights

What this usually means
Typical timeline to Series B
Series A companies typically raise their next round in 10-18 months

Formic Technologies raised. Fundz records a round at a median of 3.6 minutes from the SEC filing, with the decision-maker attached.

145 of these a day, filtered to the companies you pick, with the decision-maker attached.

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