Insider Brief
- Formic raised $50M in new capital to expand from task-specific factory automation into general-purpose robotics, building on a fleet that has logged more than 750,000 hours of production work.
- The financing includes a Series B led by Mercato Partners, with debt financing from S2G Investments, and will support AI and robotics development and expansion into additional industrial applications.
- Formic operates hundreds of robots across more than 100 facilities in more than 30 states and is working with Physical Intelligence to adapt robotic foundation models using manufacturing data from its deployed systems.
Formic has raised $50 million in new capital to expand its physical AI platform from task-specific factory automation into general-purpose robotics, building on a fleet the company says has accumulated more than 750,000 hours of production work.
According to Formic, the financing includes a Series B led by Mercato Partners, with participation from Light Ray Ventures, Lightscape Partners, Citi and other new and existing investors. S2G Investments provided debt financing as part of the round.
Formic said the funding will be used to strengthen its AI and robotics capabilities, expand into applications including metal fabrication and increase its work across aerospace, space, defense, medical, energy and other industrial markets.
Formic founder and CEO Saman Farid said the industry has made significant gains in robot capabilities, but turning those systems into productive tools on factory floors remains a separate challenge.
“We’ve spent five years building the commercialization platform that bridges that gap. Now we’re extending that platform from task-specific automation to general-purpose robotics, bringing more robots, more intelligence, and more capabilities into production without requiring manufacturers to build the infrastructure themselves,” Farid said. “For manufacturers, that means they can grow output and keep production here in the U.S. without betting their balance sheet on it.”
Moving Beyond Task-Specific Automation
Formic is now extending that deployment infrastructure to robots capable of handling a wider range of jobs.
The company said its goal is to support more robot types and industrial tasks through the same platform while using data generated by its existing fleet to improve future systems. Each deployment produces information about tasks, operating conditions, robot performance and corrective actions, and that production data can be used to improve both subsequent deployments and more general-purpose robot systems.
The company is already working with Physical Intelligence to combine that company’s robotic foundation models with Formic’s manufacturing data and deployment experience in order to adapt the models for factory applications.
The Chicago-based company operates a Robot-as-a-Service business that combines robotic equipment, deployment software, maintenance, financing, field operations and performance monitoring for a recurring monthly payment. Customers do not have to make an upfront capital investment in the equipment.
According to Formic, it operates hundreds of robots at more than 100 facilities across more than 30 states. The systems perform tasks including palletizing, case packing, machine tending, kitting and assist work. The company reported 99.6% fleet uptime and a 97% customer renewal rate. It also said it now puts robots into production about three times faster than it did a year ago.
Formic assembles and tests robots at a new facility in Bolingbrook, Ill., while developing new capabilities at an R&D center in Oakland, Calif.
