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Formic
Fully managed robotic automation
- 21-100 employees
- B2B
- Deep Tech
- Robotics
- Automation
- Chicago Loop, Chicago, IL
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Company mission
To create a world of abundance through innovative automation solutions.
Our take
Due to growing labour shortages, small and medium-sized businesses have turned to robotics to pick up the slack in their product factories. Formic has built an automated robotic fleet that can be deployed in factories at low hourly overhead costs.
Its robotics package includes continuous monitoring and maintenance, and to date, its fleet - used among others by companies in the food and beverage, vehicle and biochemical industries - has completed 100,000 production hours in just 2 and a half years.
With a reported 99% uptime in production, it's no surprise that Formic has raised considerable funding since its founding in 2021. Its 2024 Series A will be channelled into expanding its fleet and network of support experts, alongside enhancing AI capabilities across robotic motion planning and predictive maintenance.
Kirsty
Company Specialist at Welcome to the Jungle
Benefits
- Equity in Formic: your slice of ownership in a fast-growing Series A startup, backed by some of the best investors in the world
- 99% coverage for Medical, Dental, and Vision insurance plans (75% coverage for dependents) via Blue Cross Blue Shield and Guardian
- FSA & DCFSA
- Life insurance, Short Term Disability, and Long Term Disability plans (covered at 100%) via Guardian
- Employee Assistance Program
- Paid parental leave
- Company-sponsored 401k
- Home Office Stipend for remote and hybrid roles
- Monthly Phone/Internet Reimbursement
- Flexible time off policy and 10+ company holidays
Company values
- Fearless Optimism - Strive forward with confidence
- Factories first - The success of our customers comes first
- TNT - Today Not Tomorrow. Aspire to work efficiently
- Be right, often - Know the why behind the decision
- Made of rubber - Be flexible enough to meet any challenge
- Good baton passes - Be mindful and stay connected with others
Funding (last 2 of 3 rounds)
Jun 2024
$27.4m
SERIES A
Jan 2022
$26.5m
SERIES A
Total funding: $59.2m
This company has top investors
Leadership
Saman Farid
(Co-Founder & CEO)Currently a Tech Pioneer 2023 at World Economic Forum. Previously a Venture Partner at Baidu Venture and Managing Partner at Comet Labs.
Misa Ilkhechi
(Co-Founder)Previously an Advisor at Entrepreneur First, Business Development Manager at Universal Robot A/S and a Regional Sales Manager at Dunkermotoren USA Inc.