Honored for empowering SMBs to strengthen U.S. supply chain with pay-for-productivity robotic solutions
Award spotlights top software and technology startups in the supply chain and logistics space
CHICAGO, December 14, 2022 — Formic, accelerating the adoption of automation across American manufacturing, was selected as one of this year’s Top Tech Startups by the Food Logistics and Supply & Demand Chain Executive magazines. Formic earned the honor for its unique Robotics-as-a-Service (RaaS) model that removes the traditional barriers to automation so that small and mid-sized businesses can onboard the technology for as little as $8/hour, thrive in today’s volatile world, and support local supply chains.
“U.S. manufacturing cannot survive without automation and at Formic, we're focused on finding ways to make it ten times faster, easier, and cheaper to deploy a robot and increase productivity,” said Formic CEO and founder Saman Farid. “Most of our customers have been trying to automate for years and with zero capital investment and zero risk, our unique pay-for-productivity model provides an optimal route for them to start their automation journeys. We are delighted to be recognized by Food Logistics and Supply & Demand Chain Executive and will continue empowering manufacturers so they can support and strengthen local supply chains during this pivotal time.”
Leveraging world-class engineering expertise and financing, Formic’s RaaS offering delivers full-functioning robotic solutions to customers who pay by the hour for usage. Formic owns, programs, installs, and maintains all its systems at its own cost, which means manufacturers only pay for operational output with performance guarantees and unlimited, 24/7 service.
Food Logistics is the only publication exclusively covering the movement of product through the global cold food supply chain, and Supply & Demand Chain Executive is the only publication covering the entire global supply chain. Their Top Tech Startup award spotlights top software and technology startups in the supply chain and logistics space.
This year’s winners play in a variety of different market sectors, however AI-powered automation and real-time transportation visibility make up a majority of the winners (35% and 33%, respectively) and bring in $1 million to $20 million-plus in revenue per year.
“From seed funding rounds to launching new solutions, many of today's tech startups are poised to disrupt the supply chain space. They’re introducing new innovations, improving user experiences and striving for that safer, smarter, more efficient supply chain,” says Marina Mayer, editor-in-chief of Food Logistics and Supply & Demand Chain Executive. “The future of the supply chain industry is directly impacted by the development of these new technologies, and I’m very excited to see what’s next for these winners.”
Recipients of this year’s award will also be profiled on FoodLogistics.com and SDCExec.com. Go to https://foodl.me/ibl8vs to view the full list of Top Tech Startup winners.
Founded in 2020, Formic is accelerating the adoption of automation across small to mid-sized U.S. manufacturers and boosting productivity by removing the risk, complexity, upfront capital, and expertise that typically exist as barriers to onboarding this technology. The company’s “Robotics-as-a-Service” model delivers customized robots at a low hourly rate, with guaranteed uptime. With a full-service offering that includes everything from planning and deployment to maintenance and upgrades, Formic is creating an innovative and accessible competitive advantage for small and mid-sized factories to ensure they stay relevant and thrive in any economy. Go to formic.co for more info.
Si14 Global Communications