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Formic: Robots-as-a-Service for U.S. manufacturers, deploying turnkey robotic systems with full-service rentals for case packing and palletizing.
Based in Chicago, Illinois, Formic provides a Robots-as-a-Service platform that deploys turnkey robotic automation systems to small and mid-sized American manufacturing and food processing businesses. The company delivers fully supported industrial equipment for repetitive tasks such as case packing and palletizing through a fixed monthly rental model that requires zero upfront capital expenditure. By including continuous technical support, comprehensive maintenance coverage, and guaranteed performance metrics in its contracts, the firm eliminates traditional financial and technical barriers to factory automation. Formic has raised $26.5 million in Series A financing led by venture capital firm Lux Capital, and it currently operates with a dedicated workforce of 64 employees. To accelerate its commercial expansion, the organization recently strengthened its leadership team by recruiting a former chief marketing officer from Xometry. Formic was officially founded in 2020 by entrepreneur Saman Farid.
Formic has raised $213.3M across 5 funding rounds.
Formic has raised $213.3M in total across 5 funding rounds.
Formic provides Full Service Automation, offering robotics-as-a-service to manufacturers seeking to implement or expand their automation capabilities without upfront capital expenditure. Its core offering includes the deployment of robotic systems like palletizers and case packers, comprehensive 24/7 maintenance and support, and advanced proprietary software such as Formic Production Intelligence for real-time data and optimization. This integrated approach is designed to deliver immediate operational performance and continuous improvement through a fixed monthly rate.
The company was co-founded by Misa Ilkhechi in 2020, stemming from an insight into the necessity of democratizing access to automation for a broader range of businesses. Ilkhechi, with a background spanning various sales and engineering roles at companies like Bosch and John Deere, recognized the barriers smaller manufacturers faced in adopting advanced robotics. This led to the development of a model that removes financial and operational friction, enabling efficient and on-demand automation.
Formic primarily serves small-to-medium sized manufacturers, particularly those in food production sectors such as snack foods, confectionery, dairy, and baking, by addressing critical pain points like labor shortages, ergonomic injuries, and production inconsistencies. The company’s long-term vision is to enhance the collective output of humanity by making automation deployment straightforward and accessible, thereby continuing a legacy of innovation and enabling manufacturers to achieve their productivity goals.
Formic has raised $213.3M in total across 5 funding rounds.
Formic's investors include Blackhorn Ventures, Lux Capital, Kickstart Fund, One Planet Group, Precursor Ventures, Redpoint Ventures, XFactor Ventures, Alumni Ventures, Greg Papadopoulos, Jeff Immelt, Modern Venture Partners, 1984 Ventures.
Formic has raised $213.3M across 5 funding rounds. Most recently, it raised $27.4M Formic Technologies - Series A Extension in June 2024.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jun 25, 2024 | $27.4M Formic Technologies - Series A Extension | Blackhorn Ventures | |
| Jun 25, 2024 | $27.4M Series A Extension | Blackhorn Ventures | |
| Jan 18, 2022 | $126.5M Formic Technologies - Debt / Series A | Lux Capital | |
| Jan 1, 2022 | $27.0M Formic Technologies - Series A | Kickstart Fund, One Planet Group, Precursor Ventures, Redpoint Ventures, XFactor Ventures, Alumni Ventures, Greg Papadopoulos, Jeff Immelt, Modern Venture Partners | |
| Sep 1, 2021 | $5.0M Formic Technologies - Seed | 1984 Ventures, Alumni Ventures, Congruent Ventures, DCVC (Data Collective), Giant Ventures, Initialized Capital, SNR, Touchdown Ventures, Oleg Rogynskyy |