Formic Raises $50 Million to Expand Factory Robotics Platform

Formic raised $50 million in growth capital, the company said in an announcement. The financing includes a Series B led by Mercato Partners, with participation from Light Ray Ventures, Lightscape Partners, Citi and other investors, plus debt financing from S2G Investments.

Formic will use the funding to expand from task specific automation into general purpose robotics. It also plans to add applications such as metal fabrication and expand its work in aerospace, space, defense, medical and energy manufacturing.

The company provides robots, deployment software, maintenance, financing and performance monitoring for a recurring monthly fee. It operates hundreds of robots across more than 100 facilities in over 30 states, covering tasks such as palletizing, case packing, machine tending and kitting.

Formic reports that its fleet has completed more than 750,000 hours of production work, with 99.6% uptime and a 97% customer renewal rate. It assembles and tests robots in Bolingbrook, Illinois, and develops new capabilities in Oakland, California.