Key Takeaways
- • Formic, a commercialization platform for physical AI, raised $50 million in growth capital, with a Series B led by Mercato Partners alongside Light Ray Ventures, Lightscape Partners, Citi, and debt financing from S2G Investments.
- • Formic is expanding from task-specific automation into general-purpose robotics, using data from more than 750,000 hours of live production across 100+ facilities in over 30 states.
- • Formic's Robot-as-a-Service model bundles equipment, software, field operations, maintenance, financing, and performance monitoring into one recurring monthly payment with no upfront capital from customers.
- • The company reports 99.6% fleet uptime and a 97% customer renewal rate, and says it now deploys robots into production about three times faster than a year ago.
- • Formic is working with Physical Intelligence on robotic foundation models adapted for manufacturing, and will fund expansion into metal fabrication and deeper work in aerospace, defense, medical, and energy.
Summary
Formic, the Chicago-based commercialization platform for physical AI, announced it has raised $50 million in growth capital, according to a Business Wire release. The financing includes a Series B led by Mercato Partners, with participation from Light Ray Ventures, Lightscape Partners, Citi, and other new and existing investors, as well as debt financing from S2G Investments. The company frames the round as funding its shift from task-specific automation to general-purpose robotics.
Formic says it has spent more than five years deploying robots across American factory floors in more than 30 states, accumulating over 750,000 hours of live production experience. The company operates hundreds of robots across more than 100 facilities, with applications including palletizing, case packing, machine tending, and kitting across food and beverage, consumer packaged goods, chemicals, aerospace, and defense. Formic reports a fleet uptime of 99.6% and a 97% customer renewal rate. Its Robot-as-a-Service model combines equipment, deployment software, field operations, maintenance, financing, and performance monitoring into one recurring monthly payment, positioning Formic as a single accountable partner for production outcomes.
The funding is intended to accelerate general-purpose robotics, expand into metal fabrication, and deepen work in aerospace, space, defense, medical, energy, and the broader U.S. industrial base. Formic is also advancing work with Physical Intelligence, combining that company's robotic foundation models with Formic's production data to adapt them for manufacturing. Formic assembles and tests robots at a new facility in Bolingbrook, Illinois, and develops capabilities at an R&D center in Oakland, California.
Saman Farid, founder and CEO of Formic, said the company is extending its platform "from task-specific automation to general-purpose robotics." Ryan Sanders, Managing Director at Mercato Partners, who joins Formic's Board of Directors, said Formic "has built all three" elements of deploying, servicing, and financing robots in real plants. Marisa Sweeney, Principal at S2G Investments, described Formic's multi-year operating record as the foundation for growth at scale. Formic was founded in 2020.
Formic says it has spent more than five years deploying robots across American factory floors in more than 30 states, accumulating over 750,000 hours of live production experience. The company operates hundreds of robots across more than 100 facilities, with applications including palletizing, case packing, machine tending, and kitting across food and beverage, consumer packaged goods, chemicals, aerospace, and defense. Formic reports a fleet uptime of 99.6% and a 97% customer renewal rate. Its Robot-as-a-Service model combines equipment, deployment software, field operations, maintenance, financing, and performance monitoring into one recurring monthly payment, positioning Formic as a single accountable partner for production outcomes.
The funding is intended to accelerate general-purpose robotics, expand into metal fabrication, and deepen work in aerospace, space, defense, medical, energy, and the broader U.S. industrial base. Formic is also advancing work with Physical Intelligence, combining that company's robotic foundation models with Formic's production data to adapt them for manufacturing. Formic assembles and tests robots at a new facility in Bolingbrook, Illinois, and develops capabilities at an R&D center in Oakland, California.
Saman Farid, founder and CEO of Formic, said the company is extending its platform "from task-specific automation to general-purpose robotics." Ryan Sanders, Managing Director at Mercato Partners, who joins Formic's Board of Directors, said Formic "has built all three" elements of deploying, servicing, and financing robots in real plants. Marisa Sweeney, Principal at S2G Investments, described Formic's multi-year operating record as the foundation for growth at scale. Formic was founded in 2020.
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