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- Formic Raises $27.4M in Series A to Expand Robotics-as-a-Service
Formic Raises $27.4M in Series A to Expand Robotics-as-a-Service
Slice of Manufacturing Team
July 04, 2024
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)
Notable Quotes:
"With this additional financing, we can take on the heavy lifting for even more manufacturers, handling financing, deployment, management and support throughout the entire lifecycle. It’s all about simplicity and standardization that enables better productivity outcomes for customers."
"Working with Formic to augment front-line labor by democratizing access to automation is an actionable way for us to strengthen our industrial economy in real time."
"With Formic’s innovative solution and our ability to finance it, businesses can rethink their entire manufacturing model, from their human capital needs to equipment requirements."
Our Take:
Formic’s significant Series A funding milestone showcases the growing importance of automation in the manufacturing sector. By providing a comprehensive Robots-as-a-Service model, Formic is addressing the critical labor shortages and capital investment challenges faced by manufacturers. This funding round, led by industry leaders, not only validates Formic’s innovative approach but also highlights the urgency for automation in strengthening the U.S. supply chain. With a focus on simplicity, rapid deployment, and AI-driven solutions, Formic is poised to make a substantial impact on manufacturing productivity and efficiency, setting a new standard for automation in the industry.