COMPANY PROFILE

Formic

Formic simplifies automation for U.S. manufacturing businesses, enhancing productivity with a fleet of cutting-edge robots

Bolingbrook, United StatesFounded 2020Robotics

Valuation $100–250M Last recorded · 2024

Revenue $10–50M Latest reported FY

Headcount 100–500 Current team size

Total funding $50–100M Disclosed equity funding

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About Formic

Formic (formic.co) is a startup that specializes in making factory automation accessible, affordable, and hassle-free for businesses. The company operates in the industrial automation market, serving a wide range of clients, from small manufacturers to large-scale production facilities. Formic's primary offering is a flexible automation solution that allows businesses to automate their production processes without the need for significant upfront capital expenditure (CapEx).

Formic's business model is centered around providing automation solutions on a pay-as-you-go basis. Clients pay a low hourly rate for the use of automation systems, and Formic handles everything else, including deployment, monitoring, and maintenance. This model eliminates the financial risk and complexity typically associated with automating production lines.

The company offers tailored automation solutions to meet the specific needs of each facility. Formic's team of dedicated automation experts works closely with clients to identify the best tools for their operations from a wide selection of pre-vetted solutions. Once the system is deployed and operational, clients start paying only after the system is producing, preserving their capital for other investments.

Formic also provides 24/7 monitoring and maintenance services to ensure maximum uptime and profitability for its clients. The company boasts a historical uptime of 99%, which means that their systems are highly reliable and efficient. Additionally, Formic's flexible contracts allow businesses to scale their automation needs as they grow, adapting to changing demands without the need for long-term commitments.

In summary, Formic makes factory automation easy and cost-effective by offering flexible, low-risk solutions that include deployment, monitoring, and maintenance. Their business model allows clients to pay only for the hours the automation systems are in use, making it an attractive option for businesses looking to improve efficiency and reduce labor costs.

MoreLess Source: Dealroom company data