Formic
Robotics-as-a-service (RaaS) platform offering pay-per-use automation deployments for small and mid-size manufacturers in the USA.
Formic is a Chicago-based robotics-as-a-service (RaaS) company founded in 2020 by Saman Farid (CEO) and Misa Ilkhechi. The company's business model delivers robotic automation to US manufacturers on a pay-per-use basis, charging customers an hourly rate with no upfront capital expenditure required. Formic assumes full responsibility for system design, procurement, deployment, 24/7 remote monitoring, maintenance, repair, and uptime guarantees, functioning as a managed automation partner rather than a capital equipment supplier. This structure is intended to remove the principal financial and operational barriers that have historically prevented small and mid-sized manufacturers from adopting industrial robotics.
Formic targets labor-constrained manufacturing sectors including food and beverage processing, consumer packaged goods, advanced manufacturing, and other industrial environments where workforce availability and cost are persistent operational challenges. The company has deployed its managed fleet of robotic automation systems across more than 60 customer facilities in the United States, reporting over $20 million in total contract value and a 97% customer renewal rate. In January 2024, Formic released proprietary software designed to simplify automation system configuration and management, enabling customers without dedicated robotics engineering staff to oversee and adjust their deployed systems. The company maintains offices in Chicago, Woodridge, Naperville, Charlotte, and the San Francisco Bay Area.
Formic has raised more than $52 million in Series A financing. A June 2024 close of $27.4 million was led by Blackhorn Ventures and included participation from Mitsubishi HC Capital America, NEC, Translink Orchestrating Future Fund, Alumni Ventures, FJ Labs, Lux Capital, and Initialized Capital. Total disclosed funding across all rounds has been reported at approximately $59 million. The company's RaaS model is designed to scale across multiple manufacturing verticals as Formic expands its managed robot fleet and service network nationally, with the goal of making continuous robotic automation financially accessible to a broad base of US industrial manufacturers.
Primary type & automation activities this supplier delivers:
Formic RaaS Platform
Pay-per-use robotics-as-a-service deployment model providing full-service automation for US manufacturers without upfront capital cost.
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Contact Formic
WEBSITE
https://formic.coPHONE
+1 855-394-5464HEADQUARTERS
United States
Company Facts
Founded
2020
Primary Role
System Integrator
Company Size
employees 100-500
Primary Region
North America
Annual Sales
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Funding Stage
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Funding Total
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