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About Formic
Industries
Robotics & Automation
Industrial & Manufacturing
Company Size
51-200
Company Stage
Series A
Total Funding
$57.5M
Headquarters
Chicago, Illinois
Founded
2020
Overview
Formic makes factory automation accessible and affordable for businesses by offering flexible automation solutions without significant upfront costs. Clients pay a low hourly rate for the use of automation systems, while Formic handles deployment, monitoring, and maintenance, reducing financial risk. Their tailored solutions are designed to meet specific client needs, and they provide 24/7 support with a historical uptime of 99%. Formic's goal is to simplify the automation process, helping businesses improve efficiency and reduce labor costs.
Simplify's Take
What believers are saying
- Formic secured $27.4 million in Series A financing, boosting growth potential.
- Partnership with Mitsubishi enhances Formic's automation expertise and customer value.
- Strategic leadership additions focus on scaling operations and financial infrastructure.
What critics are saying
- Competition from established players like Waymo could overshadow Formic's market presence.
- Rapid technological advancements may render Formic's offerings obsolete without continuous innovation.
- Economic downturns could challenge Formic's pay-as-you-go revenue model.
What makes Formic unique
- Formic offers a pay-as-you-go model for automation, reducing financial risk.
- The company provides 24/7 monitoring and maintenance, ensuring 99% uptime for clients.
- Formic's tailored solutions adapt to specific client needs, enhancing operational efficiency.
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Funding
Total Funding
$57.5M
Above
Industry Average
Funded Over
3 Rounds
Industry standards
Benefits
99% coverage for Medical, dental, & vision insurance plans (75% coverage for dependents)
Life insurance, Short Term Disability, & Long Term Disability plans
Employee Assistance Program
Paid parental leave
Equity
Company-sponsored 401k
$2,000 Home office allowance
Monthly phone & internet reimbursement
Flexible time off policy and 10+ company holidays
Bi-annual all-company retreats
Growth & Insights and Company News
6 month growth
↓ -2%1 year growth
↓ -9%2 year growth
↓ -5%Robotics investments topped $7.4 billion for the month of October 2024, the result of 77 funding rounds. The investment total was led by Waymo’s $5.6 billion raise, which is the largest single round of the year through November. October’s total was the largest through the first 10 months of the year. The previous monthly high was the $3.7 billion raised in September 2024. The total investment for the period of January through October 2024 was more than $20 billion. Developers of autonomous driving technologies once again dominated the list of largest investments for the month
Joel Onyshuk joins Formic as VP of Sales to scale the company's business footprint, and Todd Plotner joins as the company's first General Counsel to strengthen finance infrastructure.
Global Brain has invested in Formic Technologies, Inc., a U.S.-based startup company that designs, develops, and maintains industrial robots.
Mitsubishi Electric, through its ME Innovation Fund, has invested in U.S.-based startup Formic Technologies Inc., marking its 8th investment. Formic offers subscription-based industrial robot solutions, addressing automation needs in manufacturing and logistics. This partnership aims to combine Formic's unique business model with Mitsubishi's automation expertise to enhance customer value and accelerate automation. Formic was founded in September 2020 and is led by CEO Saman Farid.
Mitsubishi Electric Corporation (TOKYO: 6503) announced today that its ME Innovation Fund has invested in Formic Technologies Inc., a U.S.-based start
Formic is Hiring for 10 Jobs on Simplify!
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About Formic
Industries
Robotics & Automation
Industrial & Manufacturing
Company Size
51-200
Company Stage
Series A
Total Funding
$57.5M
Headquarters
Chicago, Illinois
Founded
2020
Formic is Hiring for 10 Jobs on Simplify!
Find jobs on Simplify and start your career today