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Formic Technologies Raises $26.5 Million Series A Led By Lux Capital

Monday, February 7, 2022

Formic Technologies Raises $26.5 Million Series A Led By Lux Capital The new investments will help Formic accelerate deployments of  Robotics-as-a-Service for U.S. manufacturers CHICAGO—January 18, 2022—Formic Technologies, a provider of turnkey robotic solutions to American manufacturers, has raised $26.5 million in a Series A financing led by Lux Capital with participation from Initialized Capital, Correlation Ventures, Lorimer Ventures, One Planet VC and other strategic investors. In addition, Formic has secured access to more than $100 million of debt capital...

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Polar Hardware Deployment Press Release

Monday, November 22, 2021

Polar Manufacturing Rents Fully Customized Machine Tending Robot from Formic; Automates for First Time in 105 Years    Formic’s innovative “robotics-as-a-service” model lowers traditional barriers to automation; Polar Manufacturing Company expects to save up to $77,000 a year in labor costs.  CHICAGO―November 22, 2021-- Polar Hardware, a manufacturer of door and truck body hardware, chose Formic’s “robotics-as-a-service” offering to automate for the first time in 105 years of business. Formic partnered with DesignHawk from Chicago to engineer the machine tending system,...

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Formic Launch Press Release

Wednesday, September 1, 2021

First Fully Customized Robotics-as-a-Service Offering Lets Manufacturers ‘Hire’ Popular Robots at Low Hourly Rate By handling every aspect of financing and deployment, Formic empowers manufacturers to save money from day one and boost production.  CHICAGO, IL — August 24, 2021-- Robotics-as-a-service company Formic Technologies launched today with a simple value proposition: hire fully customized robots from top vendors at a low hourly rate and  no upfront cost. To help small and medium-size manufacturers benefit from automation, Formic handles every aspect...

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