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
***********
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Phone
*********
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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
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Net Profit
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EBITDA
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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
Employee Count
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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). The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
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.
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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.
- Total Funding Total Funding
- Total Rounds 4
- Last Round Series A — $27.4M
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First Round
First Round
(26 Mar 2021)
- Investors Count 11
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun, 2024 | Amount | Series A - Formic | Valuation | Blackhorn Ventures , Mitsubishi HC Capital America | |
| Jan, 2022 | Amount | Debt – Conventional - Formic | Valuation |
investors |
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| Jan, 2022 | Amount | Series A - Formic | Valuation | Lux Capital |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Tech and offline focused VC firm investing in geographies such as the US
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Founded Year | Domain | Location | |
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US & Asia focused seed, early & expansion stage VC firm
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Founded Year | Domain | Location | |
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Venture capital investing and portfolio management services for accredited investors.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Formic
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Formic
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Formic Comparisons
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. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Provider of AI-driven ROVs and services for inspection of ships
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| domain | founded_year | HQ Location |
Provides data collection technology for marine tracking systems
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| domain | founded_year | HQ Location |
Provider of marine underwater robotics inspection platform
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| domain | founded_year | HQ Location |
AI-driven platform offering offshore inspection services
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| domain | founded_year | HQ Location |
BeeX is engaged in providing autonomous underwater robotics solutions.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Formic
Frequently Asked Questions about Formic
When was Formic founded?
Formic was founded in 2020 and raised its 1st funding round 1 year after it was founded.
Where is Formic located?
Formic is headquartered in Chicago, United States. It is registered at Chicago, Illinois, United States.
Who is the current CEO of Formic?
Saman Farid is the current CEO of Formic. They have also founded this company.
Is Formic a funded company?
Formic is a funded company, having raised a total of $59.13M across 4 funding rounds to date. The company's 1st funding round was a Debt – Conventional of $100M, raised on Mar 26, 2021.
What does Formic do?
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.
Who are the top competitors of Formic?
Formic's top competitors include Rovco, Planys Technologies and Terradepth.
What products or services does Formic offer?
Formic offers Formic Palletizers, Formic Case Packers, Formic Floor Sweeping Robots, and Formic Production Intelligence (FPI).
Who are Formic's investors?
Formic has 11 investors. Key investors include NEC, FJ Labs, Blackhorn Ventures, Mitsubishi HC Capital America, and TransLink Capital.
What is Formic's valuation?
The valuation of Formic is $100M as of Jan 2022.