About Formic
Formic is a company based in Chicago (United States) founded in 2020 by Misa Ilkhechi and Saman Farid. It operates as a Product-as-a-Service and Subscription Services. Formic has raised $59.13 million across 4 funding rounds from investors including NEC, FJ Labs and Blackhorn Ventures. Formic offers products and services including Formic Palletizers, Formic Case Packers, Formic Floor Sweeping Robots, and Formic Production Intelligence (FPI). Formic operates in a competitive market with competitors including Rovco, Terradepth, Planys Technologies, Abyss Solutions and BeeX, among others.
- Headquarter Chicago, United States
- Founders Misa Ilkhechi, Saman Farid
- Stage Minicorn
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Sectors
Industrial Goods & Manufacturing
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Email
Locked
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Phone
Locked
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Website
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Social
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- Legal Name Formic Technologies Inc.
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Annual Revenue
Not available
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Net Profit
Not available
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EBITDA
Not available
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Total Equity Funding
$59.13 M (USD)
in 4 rounds
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Latest Funding Round
$27.4 M (USD), Series A
Jun 25, 2024
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Investors
NEC
& 10 more
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Employee Count
Not available
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Products & Services of Formic
Formic offers a comprehensive portfolio of products and services, including Formic Palletizers, Formic Case Packers, Formic Floor Sweeping Robots, and Formic Production Intelligence (FPI).
Palletizers are provided for end-of-line automation tasks.
Case packers are offered for efficient product packing.
Sweeping robots are deployed for production floor cleaning.
FPI software is used for real-time production monitoring.
People of Formic
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Funding Insights of Formic
Formic has successfully raised a total of $59.13M across 4 strategic funding rounds. The most recent funding activity was a Series A round of $27.4 million completed in June 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
Investors in Formic
Formic has secured backing from 11 investors, including venture fund and institutional investors. Prominent investors backing the company include NEC, FJ Labs and Blackhorn Ventures.
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Tech and offline focused VC firm investing in geographies such as the US
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US & Asia focused seed, early & expansion stage VC firm
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Venture capital investing and portfolio management services for accredited investors.
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Investor details for Formic
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Investments & Acquisitions by Formic
Investment portfolio details for Formic
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Financial Statements - Formic
Detailed financials for Formic
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Formic Comparisons
Peer comparison for Formic
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Competitors of Formic
Formic operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Rovco, Terradepth, Planys Technologies, Abyss Solutions and BeeX, among others.
| Company Name | Domain | Founded year | HQ Location | Description |
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Provider of AI-driven ROVs and services for inspection of ships
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Provides data collection technology for marine tracking systems
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| Locked | Locked | Locked |
Provider of marine underwater robotics inspection platform
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AI-driven platform offering offshore inspection services
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| Locked | Locked | Locked |
BeeX is engaged in providing autonomous underwater robotics solutions.
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Detailed competitors of Formic
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Latest news on Formic
Complete news archive for Formic
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Frequently Asked Questions about Formic
Formic was founded in 2020 and raised its 1st funding round 1 year after it was founded.
Formic is headquartered in Chicago, United States. It is registered at Chicago, Illinois, United States.
Saman Farid is the current CEO of Formic. They have also founded this company.
Formic is a funded company, having raised a total of $59.13M across 4 funding rounds to date.
End-of-line automation systems are delivered by Formic to industrial manufacturers. Focus is placed on palletizing, case packing, and floor cleaning through robotic solutions. Full Service Automation is offered with no upfront capital expenditure, including 247 support, maintenance, and real-time data analytics via Formic Production Intelligence software. Operations are optimized in sectors like food and beverage, with an emphasis on reducing labor turnover and ergonomic injuries while improving productivity.
Formic's top competitors include Rovco, Planys Technologies and Terradepth.
Formic offers Formic Palletizers, Formic Case Packers, Formic Floor Sweeping Robots, and Formic Production Intelligence (FPI).
Formic has 11 investors. Key investors include NEC, FJ Labs, Blackhorn Ventures, Mitsubishi HC Capital America, and TransLink Capital.
The valuation of Formic is $100M as of Jan 2022.