# Formic raises $50 million, including $40 million Series B and $10 million financing

Digest AI · Business & Funding · published 2026-10-22T17:50:16Z

Canonical: https://digestai.news/story/formic-raises-50-million-including-40-million-series-b-and-10-million

## Summary

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.

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.

## 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.

## Why it matters

The infusion of $50 million enables Formic to scale its AI‑powered robot fleet, speeding up automation adoption in manufacturing and intensifying competition in the physical AI market.

## Sources

1. [Chicago-based Formic, which provides robots-as-a-service automation to manufacturers, raised $50M, including a $40M Series B and $10M in asset-backed financing](https://axios.com/pro/all-deals/2026/10/22/formic-50m-robotics-deployments) (axios.com, 2026-10-22)

## Cite

Digest AI, "Formic raises $50 million, including $40 million Series B and $10 million financing", 22 October 2026, https://digestai.news/story/formic-raises-50-million-including-40-million-series-b-and-10-million

---

Written by Digest AI's editorial model from the linked sources; the sources are the record. Headlines, digests and key points are written by Digest AI and may be quoted with a link to the story page. Linked articles belong to their publishers. Terms: https://digestai.news/terms#reuse
JSON: https://digestai.news/story/formic-raises-50-million-including-40-million-series-b-and-10-million.json