Formic Technologies Inc. raised $27.4M in Series A funding to expand its global fleet and increase support network.
PRIVATEJun 24, 2024
Amount Raised
$27.4 Million
Round Type
Series A
Chicagomachinery
Description
Formic Technologies Inc. raised an additional $27.4 million in Series A funding, bringing the total to $52 million. The company aims to help more businesses realize the benefits of automation and expand its global fleet.
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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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Chicagomachinery