Formic, a provider of Robots-as-a-Service (RaaS) for US manufacturers, has secured an additional $27.4 million in Series A financing. Led by Blackhorn Ventures, the round also saw participation from Mitsubishi HC Capital America, NEC, and others. This brings Formic’s total Series A funding to over $52 million since January 2022.
Formic offers robotic automation at a low hourly rate, managing deployment, monitoring, and maintenance to enhance industrial operations. In two-and-a-half years, Formic’s robots have achieved over 100,000 production hours with more than 99% uptime, with another 100,000 hours expected in the next 170 days.
The new funding will help expand Formic’s robotic fleet, support network, and AI-driven automation software. CEO Saman Farid stated, “This funding allows us to simplify automation for more manufacturers, providing end-to-end support and driving productivity.”
A report from MIT highlighted that only 10% of US manufacturers use automation, and there is a projected need for 3.8 million new employees by 2033. Formic’s new financing aims to address these challenges by making automation more accessible. The company also announced a joint commercial agreement with Mitsubishi HC Capital America to finance and support its RaaS model, tackling financial barriers to automation adoption.
