Company:Formic Technologies
| Type | Private |
|---|---|
| Industry | Manufacturing industry |
| Founded | 2020 |
| Founder | Saman Farid and Misa Ilkhechi |
| Headquarters | Chicago, Illinois , |
Key people | Saman Farid (CEO) Misa Ilkhechi, Vice President of Sales |
| Website | formic |
Formic Technologies 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
Formic was founded in September of 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 Technologies 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
- ↑ Demaitre, Eugene. "Formic Offers Robotics as a Service and Financing to Manufacturers" (in en). https://www.robotics247.com/article/formic_offers_robotics_as_a_service_and_financing_to_manufacturers/.
- ↑ 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" (in en). Reuters. https://www.reuters.com/technology/rent-a-robot-silicon-valleys-new-answer-labor-shortage-smaller-us-factories-2021-08-26/.
- ↑ "The potential of automation as a service in metal manufacturing" (in en). https://www.thefabricator.com/thefabricator/article/automationrobotics/the-potential-of-automation-as-a-service-in-metal-manufacturing.
- ↑ Black, Thomas. "Robot Subscription Services Let Companies Automate on the Cheap". https://www.bloomberg.com/tosv2.html?vid=&uuid=87925a62-b16f-11ec-92d9-76504667517a&url=L25ld3MvYXJ0aWNsZXMvMjAyMi0wMy0zMS9hdXRvbWF0aW9uLWNvbWVzLXRvLW1vcmUtZmFjdG9yaWVzLXdpdGgtcm9ib3QtbGVhc2luZw==.
- ↑ "Formic Technologies Raises $26.5 Million Series A Led By Lux Capital" (in en). 2022-01-18. https://www.businesswire.com/news/home/20220118005537/en/Formic-Technologies-Raises-26.5-Million-Series-A-Led-By-Lux-Capital.
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