
Formic Raises $27.4M in Series A to Expand Robotics-as-a-Service
Key Highlights:
- Formic raises $27.4M, doubling Series A funding to over $52M since January 2022.
- Led by Blackhorn Ventures, with participation from major investors including Mitsubishi HC Capital America and NEC.
- Funding to expand automation: More standardized equipment, faster customer response, and enhanced AI-driven software.
- Formic’s robotic fleet: Achieved 100,000 production hours at 99% uptime, with another 100,000 hours expected in 170 days.
Source (Business Wire)
Quotes



