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About Formic
Industries
Robotics & Automation
Industrial & Manufacturing
Enterprise Software
Company Size
51-200
Company Stage
Series A
Total Funding
$159.1M
Headquarters
Chicago, Illinois
Founded
2020
Overview
Formic provides pay-as-you-go factory automation services. It helps businesses automate production without upfront capital by deploying flexible automation systems, then charging an hourly rate after the system starts producing. Formic handles deployment, monitoring, and maintenance, with 24/7 support and a proven 99% uptime. Solutions are tailored by automation experts using a selection of pre-vetted tools, and contracts are scalable to fit growth, allowing customers to pay only for the hours the automation is in use. Overall, Formic aims to make automation easy, affordable, and low-risk for manufacturers.
Simplify's Take
What believers are saying
- Fleet surpassed 400,000 hours with expanded end-of-line innovations.
- Investments from Mitsubishi Electric and Global Brain fuel expansion.
- Joint financing with Mitsubishi HC Capital accelerates customer adoption.
What critics are saying
- Universal Robots undercuts rates by 30% in Q1 2026 capturing SMBs.
- US tariffs inflate rates 15-20% from January 2026 eroding appeal.
- Colony 2.0 software fails 40% legacy PLC integrations delaying deployments.
What makes Formic unique
- Formic provides pay-as-you-go RaaS eliminating CapEx for manufacturers.
- Tailored automation with 24/7 monitoring achieves 99% uptime.
- Deploys best robots across multiple OEMs unlike single-vendor incumbents.
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Funding
Total Funding
$159.1M
Above
Industry Average
Funded Over
4 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
↓ -3%1 year growth
↓ -2%2 year growth
↓ -2%Humanoid Global has made a strategic investment in Formic to boost autonomous robotics manufacturing. This investment aims to enhance the adoption of robotic solutions in the manufacturing sector. Formic, recognized for its innovation, simplifies the deployment and scaling of robotic workcells. The investment aligns with Humanoid Global's strategy, though it involves risks and uncertainties. Further details are available on Humanoid Global's SEDAR+ profile.
– NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES –...
At PACK EXPO Las Vegas next week, Formic will debut three major innovations designed to help manufacturers further automate end-of-line processes and fill labor gaps across the facility:
In October 2024, robotics investments reached $7.4 billion across 77 funding rounds, led by Waymo's $5.6 billion raise, marking the largest single round of the year. The total investment from January to October 2024 exceeded $20 billion. Autonomous driving tech companies dominated, with significant investments in Waymo, WeRide ($320 million), and Didi Woya ($298 million). The U.S. and China led in investment rounds, with the U.S. securing $6.4 billion and China $873 million.
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.
Formic is Hiring for 35 Jobs on Simplify!
Find jobs on Simplify and start your career today
About Formic
Industries
Robotics & Automation
Industrial & Manufacturing
Enterprise Software
Company Size
51-200
Company Stage
Series A
Total Funding
$159.1M
Headquarters
Chicago, Illinois
Founded
2020
Formic is Hiring for 35 Jobs on Simplify!
Find jobs on Simplify and start your career today