Formic: Robots-As-A-Service Automation Company Closes $27.4 Million
Summary
This new funding round brings the total Series A round to more than $52 million since January 2022.Formic also offers fully supported robotic automation at a low hourly rate, including deploying the system and providing continuous monitoring and maintenance throughout the engagement to ensure success. In 2.5 years, Formics growing fleet of robotic equipment completed 100,000 production hours at over 99% uptime, with another 100,000 hours expected in the next 170 days.With the new financing, Formic plans to expand its fleet of standardized equipment, increase its network of support experts across the U.S., and enhance its equipment-agnostic robotic automation software that leverages artificial intelligence (AI).Formic also announced a joint commercial agreement with Mitsubishi HC Capital and U.S.-based Group Company Mitsubishi HC Capital America. And the two companies will collaborate to source and finance the entire lifecycle of Formics RaaS model, an all-encompassing managed solution for manufacturing automation.Manufacturers continue to struggle with labor challenges, yet robotic solutions that can automate these difficult-to-fill jobs are traditionally capital intensive and even intimidating for those without a specialist on hand to manage the project long term. Its all about simplicity and standardization that enables better productivity outcomes for customers.We continue to invest in businesses and technology that will rapidly unlock manufacturing capacity and create resiliency in the US supply chain. With Formics innovative solution and our ability to finance it, businesses can rethink their entire manufacturing model, from their human capital needs to equipment requirements.