Formic is a company that specializes in providing Robots-as-a-Service (RaaS) to democratize access to automation for manufacturers in the United States. They offer solutions such as automated palletizers and packaging systems, aiming to address labor shortages and workplace injuries while improving efficiency. Their service includes the installation, monitoring, and maintenance of robotic systems, making automation accessible without the need for significant upfront capital investment.

Formic

At Formic, we make automation simple. We're dedicated to helping manufacturing businesses across the United States supercharge their productivity. Our cutting-edge robot fleet empowers factories to pack goods and stack onto pallets with confidence, savings, and simplicity that they can't find anywhere else.

Our versatile robots play a role in producing a wide array of products you know and love - from delicious chocolate chip cookies and matcha powder to specialty chemicals and hardware fasteners, and more. We're on a mission to create a world of abundance through innovative automation solutions. Discover the impact of our technology at www.formic.co.

🚨 Most factories run less than 3,000 production hours per year.

That's only 35% utilization.

While manufacturers strive to increase utilization and efficiency, there are a couple big constraints:
👷‍♂️ Manual Labor (hard to find and 30% turnover per month)
💰 Insufficient Budget for automation, technology, and skilled workers

Low utilization is rarely tied to low demand, especially with fast-moving consumer goods.

The challenge is actually the supply chain and production line.

In the episode below of The Manufacturing Executive with Joe Sullivan and Saman Farid, they discuss the productivity challenges and how Robots-as-a-Service is the only outcome-based approach that addresses all barriers.

⬇ Find a link to the full conversation in the comment section below.

Exciting news! We’ve increased our Series A financing to $53.9M!

On the heels of recently surpassing 100,000 fleet production hours and more than 1.2 billion products packed and stacked by our Robots-as-a-Service automation equipment, this additional round adds $27.4M in financing to continue scaling the easiest and most reliable way for US manufacturers to deploy automation and unlock greater production capacity across the supply chain.

The new investments from Blackhorn Ventures, Mitsubishi HC Capital America, Inc., NEC and Translink Orchestrating Future Fund, Alumni Ventures, FJ Labs, and additional investments from Lux Capital, Initialized Capital, and Lorimer Ventures allow us to double down on our strategy to bring more Pay-for-Productivity automation to US manufacturers by: 
- Expanding our fleet of standardized automation solutions
- Increasing our network of support and service people across the U.S.
- Enhancing our equipment-agnostic software offering that includes AI-based motion planning, predictive maintenance, system design suite, and more intuitive customer interfaces and dashboards

A huge thank you to everyone who has been a part of this journey. This milestone is a testament to the dedication, innovation, and hard work of our incredible team, as well as the trust and support of our customers and investors. 

Stay tuned for more updates and announcements as we embark on this next phase of our adventure!

#SeriesA #Funding #Innovation #Tech #Growth #Automation #Robotics #Formic

https://lnkd.in/d5pShmRV

One of the biggest challenges in manufacturing and food production...

Supply Chain Resilience 

Tune in to our Engine Room show and Episode #6 with David Gray, CEO of FedUp Foods to hear more insights and advice.

🎧 Available on YouTube, Spotify, and Apple Podcast apps. 

#foodandbev #production #manufacturing #supplychain #podcast

Another U.S. Manufacturer Going from 0 to 5 Robots at Lightning Speed⚡ 
(and with $0 investment)

Congrats to Cameron's Coffee and Distribution on their exciting growth and continued legacy of roasting delicious coffee for all. ☕ 

s/o to our partners: Doosan Robotics & beRobox

https://lnkd.in/eepFgnfi

With Automation, Seeing is Believing. 

If you want to prove out automation in your production, now you can:
📦 Unlimited stacking for 1 flat monthly rate
👷‍♂️ 24/7 support & 100% maintenance included
🔄 After the trial, you can buy it, return it, or continue your managed service 

In partnership with Doosan Robotics and beRobox. 

#manufacturing #cpg #foodandbev #packaging #automation #robotics

https://lnkd.in/eepmvyDJ

CO:FORMIC

Formic

Financials Not Available