About Formic
Formic makes factory automation accessible and affordable for businesses by offering flexible automation solutions without significant upfront costs. Clients pay a low hourly rate for the use of automation systems, while Formic manages deployment, monitoring, and maintenance. The company tailors its solutions to meet specific client needs and provides 24/7 support, ensuring high reliability with a historical uptime of 99%. Formic's goal is to simplify the automation process, helping businesses improve efficiency and reduce labor costs.
Chicago, IllinoisHeadquarters
2020Year Founded
$57.5MTotal Funding
SERIES_ACompany Stage
Robotics & Automation, Industrial & ManufacturingIndustries
51-200Employees
Benefits
99% coverage for Medical, dental, & vision insurance plans (75% coverage for dependents)
Life insurance, Short Term Disability, & Long Term Disability plans
Employee Assistance Program
Paid parental leave
Equity
Company-sponsored 401k
$2,000 Home office allowance
Monthly phone & internet reimbursement
Flexible time off policy and 10+ company holidays
Bi-annual all-company retreats
Risks
Competition from established players like Waymo could overshadow Formic's market presence.
Rapid technological advancements may render Formic's offerings obsolete without continuous innovation.
Economic downturns could challenge Formic's pay-as-you-go revenue model.
Differentiation
Formic offers a pay-as-you-go model for automation, reducing financial risk.
The company provides 24/7 monitoring and maintenance, ensuring 99% uptime for clients.
Formic's tailored solutions adapt to specific client needs, enhancing operational efficiency.
Upsides
Formic secured $27.4 million in Series A financing, boosting growth potential.
Partnership with Mitsubishi enhances Formic's automation expertise and customer value.
Strategic leadership additions focus on scaling operations and financial infrastructure.
Funding
Total raised$57.52 M
Latest valuation$137.00 M
StageSERIES_A
DEBT
12/31/2021$100
ANGEL
2/28/2021$5
$26.15 M