Formic Technologies
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| Private | |
| ISIN | 🆔 |
| Industry | Manufacturing industry |
| Founded 📆 | 2020 |
| Founder 👔 | Saman Farid and Misa Ilkhechi |
| Headquarters 🏙️ | , , |
Area served 🗺️ | |
Key people | Saman Farid (CEO) Misa Ilkhechi, Vice President of Sales |
| Members | |
Number of employees | |
| 🌐 Website | formic |
| 📇 Address | |
| 📞 telephone | |
Formic is a privately held industrial automation startup headquartered in Chicago. Founded in 2020, the company aims to help small to mid-size manufacturers introduce automation into their facilities.[1] Formic does this through its unique robot as a service model, which eliminates many traditional barriers to entry regarding automation. Early investors in the company include Initialized Capital and Lux Capital.[2]
History[edit]
Formic was founded in September 2020 by Saman Farid and Misa Ilkhechi. Saman previously founded and sold two companies, built a venture capital firm and was an investor in various robotics companies. Misa worked as a sales representative at Universal Robots. Both of them realized the great potential of utilizing a subscription service method to financially support SME manufacturers that don't have the capital or the expertise.[3] Formic is now taking on the role as automation provider, charging customers a flat hourly fee as little as $8 an hour.[4] Initialized Capital partner and Formic investor Garry Tan states that Formic lies in the center of the largest mega trends that are driving society today: the growth of artificial intelligence, low interest rates, and tensions in the supply chain.[2]
In January 2022, Formic raised US$26.5 million in a Series A funding round led by Lux Capital and various other venture capitalists. In addition, they also secured access to a US$100 million debt facility.[5]
References[edit]
- ↑ Demaitre, Eugene. "Formic Offers Robotics as a Service and Financing to Manufacturers". Robotics 24/7. Retrieved 2021-11-03.
- ↑ 2.0 2.1 Lee, Jane Lanhee (2021-08-26). "Rent-a-robot: Silicon Valley's new answer to the labor shortage in smaller U.S. factories". Reuters. Retrieved 2021-11-03.
- ↑ "The potential of automation as a service in metal manufacturing". www.thefabricator.com. Retrieved 2021-11-03.
- ↑ Black, Thomas. "Robot Subscription Services Let Companies Automate on the Cheap". www.bloomberg.com. Retrieved 2022-04-01.
- ↑ "Formic Technologies Raises $26.5 Million Series A Led By Lux Capital". www.businesswire.com. 2022-01-18. Retrieved 2022-04-01.
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