Formic, a robots-as-a-service (RaaS) platform, has raised USD 27.4 million in a Series A funding round led by Blackhorn Ventures, with participation from Mitsubishi HC Capital America, NEC, Translink Capital, Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital, and Lorimer Ventures. This round brings the company's total funding to over USD 59 million.
The company plans to use the funds to expand its fleet of standardized equipment, increase its support network across the US, and further develop its equipment-agnostic robotic automation software.
Formic offers a robotics-as-a-service platform that provides a range of robotics services that range from design, installation, and programming to monitoring and maintenance. Its flagship services include "Formic Stack," which focuses on the creation of automated palletizing systems, and "Formic Pack" for automated packaging. It also offers a number of software tools for robotic programming, motion planning, fleet management, monitoring, and specification identification.
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