Formic raises $50 million, including $40 million Series B and $10 million financing
Formic, a Chicago‑based provider of robots‑as‑a‑service automation for manufacturers, announced a $50 million financing package. The deal consists of a $40 million Series B round and an additional $10 million in asset‑backed financing. CEO Saman Farid disclosed the raise in an exclusive interview with Axios.
Key points
- Formic secured $50 million in financing, split into a $40 million Series B round and $10 million asset‑backed loan.
- The funding will support the expansion of Formic's robots‑as‑a‑service platform for manufacturers.
- CEO Saman Farid announced the raise in an exclusive interview with Axios.
The new capital will be used to expand Formic's physical AI platform, scale its robot fleet, and accelerate adoption of automated manufacturing solutions. The funding underscores growing investor interest in AI‑driven industrial automation.
Formic joins a wave of startups that combine robotics with AI to offer subscription‑based automation, aiming to lower the barrier for manufacturers to implement advanced production lines without large upfront equipment costs.
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