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Not SpecifiedCompensation

N/AExperience Level

N/AJob Type

Not SpecifiedVisa

N/AIndustries

Requirements

Passion for robotics and automation
Motivation to do impactful work
Inspiration by the mission to change the way the world makes things

Responsibilities

Contribute to the team
Help accomplish the company's mission
Impact the company's culture

Skills

Formic

Affordable factory automation solutions on demand

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.

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