Key Takeaways
- • Formic, a Chicago company that rents robots to American factories, raised $50M in a Series B round led by Mercato Partners, with debt financing from S2G Investments.
- • Formic did not disclose how the $50M is split between equity and debt.
- • Proceeds will fund a shift from task-specific robots toward general-purpose machines capable of handling a wider range of factory work.
- • Light Ray Ventures, Lightscape Partners, Citi, Lux Capital, Initialized Capital, Blackhorn Ventures and Lorimer Ventures also participated, per early investor Stephan Cizmar's LinkedIn post.
Summary
Chicago-based Formic has raised $50M, according to the company's announcement and an Axios report published Thursday. The Axios story followed an interview in which chief executive Saman Farid spoke with reporter Natalie Breymeyer. Formic's model centers on renting robots to American factories, and its current machines are built for specific tasks.
The financing combines a Series B equity round led by Mercato Partners with debt from S2G Investments. Formic did not say how the $50M divides between the two instruments. Light Ray Ventures, Lightscape Partners and Citi also invested in the round. Lux Capital, Initialized Capital, Blackhorn Ventures and Lorimer Ventures contributed additional capital, as named by early investor Stephan Cizmar on LinkedIn.
The company plans to use the capital to move toward general-purpose robots that can take on more kinds of factory work, expanding beyond its current task-specific systems.
The financing combines a Series B equity round led by Mercato Partners with debt from S2G Investments. Formic did not say how the $50M divides between the two instruments. Light Ray Ventures, Lightscape Partners and Citi also invested in the round. Lux Capital, Initialized Capital, Blackhorn Ventures and Lorimer Ventures contributed additional capital, as named by early investor Stephan Cizmar on LinkedIn.
The company plans to use the capital to move toward general-purpose robots that can take on more kinds of factory work, expanding beyond its current task-specific systems.
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