Formic, a US-based industrial robotics company, has raised $50 million in growth capital through a combination of Series B equity financing and debt funding to expand its robotics deployment platform and develop general-purpose automation capabilities.
The Series B round was led by Mercato Partners, with participation from Light Ray Ventures, Lightscape Partners, Citi, and other new and existing investors. S2G Investments provided the debt financing. The company did not disclose the amounts allocated to equity and debt.
Founded in 2020 by Saman Farid and Misa Ilkhechi, Formic provides industrial robotic automation through a Robotics-as-a-Service (RaaS) model. Farid serves as the company’s CEO.
The company enables manufacturers to deploy robotic systems without purchasing the equipment upfront. Its subscription-based offering combines robotic hardware, installation, software, maintenance, performance monitoring, field operations, and financing under a recurring payment arrangement.
Formic’s robotic systems support manufacturing activities such as palletizing, case packing, machine tending, and kitting. Its customers operate across industries including food and beverage, consumer packaged goods, chemicals, packaging, aerospace, and defense.
According to the company, its fleet includes hundreds of robots operating across more than 100 facilities in over 30 US states. Formic also reported accumulating more than 750,000 hours of live production experience.
The new financing will support Formic’s transition from task-specific automation toward general-purpose robotics. The company plans to strengthen its AI and robotics capabilities, expand into applications including metal fabrication, and pursue additional opportunities in aerospace, space, defense, medical, and energy industries.
Formic is also working with robotics AI developer Physical Intelligence to adapt robot foundation models for industrial applications.
The financing follows Formic’s June 2024 announcement of $27.4 million in additional funding led by Blackhorn Ventures. That investment brought the company’s total Series A funding to $53.9 million.
