Funding Details
- Awarder
- Inbox
- Date Award
- June 26, 2024
- Vertical
- Robotics
- Funding URL
- View Funding Page
Company Info
- Founding Year
- 2020
- Company Description
- Formic provides Robots-as-a-Service (RaaS) automation to U.S. manufacturers. Companies pay a low hourly rate for equipment, 24/7 monitoring, 100% maintenance, and guaranteed performance rates (99%+ uptime) without the need for human and capital-intensive investments. By removing the financial and operational barriers to automation adoption, Formic allows manufacturers to increase productivity, safety, and quality faster than ever before, while achieving positive ROI on day one.
- Market
- Manufacturing
- Location
-
Chicago,
IL,
US
- Coinvestors
- Blackhorn Ventures, Mitsubishi HC Capital America, NEC, Translink Capital, Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital, Lorimer Ventures
Links