Robots-as-a-Service for U.S. manufacturers, with no upfront capital cost
Formic is a Chicago-based company, founded in 2020, that describes itself as a commercialization platform for physical AI. Through a Robots-as-a-Service model it combines robotic equipment, deployment software, field operations, maintenance, financing and performance monitoring for one recurring monthly payment, so mid-market manufacturers can automate without upfront capital investment. Applications include palletizing, case packing, machine tending, pallet wrapping and kitting across food and beverage, CPG, chemicals, aerospace and defense. It assembles robots in Bolingbrook, Illinois and runs R&D in Oakland, California. Founder and CEO is Saman Farid. In October 2026 it raised $50 million in growth capital, a Series B led by Mercato Partners plus debt financing from S2G Investments, to expand into general-purpose robotics.
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