# Formic Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/formic-technologies

- Industry: Software
- Headquarters: Naperville, US
- Website: www.formic.co
- Total disclosed funding: $54M
- Latest round: Series A (Jun 25, 2024)
- Investors on record: 11

## About

Based in California, US, and founded in 2020 by CEO Saman Farid and Misa Ilkhechi, Formic Technologies, Inc., is a provider of turnkey robotic solutions to American manufacturers. In September 2020, Formic Technologies, Inc. raised USD 5.23 million in Venture funding. In January 2021, Formic Technologies, Inc., raised USD 26.5 million in Series A funding led by new investor Lux Capital, with participation from other new investors Correlation Ventures, Initialized Capital, Lorimer Ventures, One Planet VC, as well as other investors. The series A funding values Formic Technologies, Inc. at USD 89.125 million post-money. 

Formic has a Robotics-as-a-Service model providing customized industrial automation to small and mid-sized American manufacturers via subscription. The company's team of engineers, technicians, and product managers help build robots that help automate tasks including assembly, grinding, deburring, painting, polishing, machine tending, material handling, inspection, and welding. The company has built and deployed robots in various industries, including universities, the military, and financial companies.

Formic Technologies, Inc., will use the Series A funding to expand its operations and support the rapid deployment of its Robots-as-a-Service offering for U.S. manufacturers.

## Funding rounds

- Series A, Jun 25, 2024, $27M — NEC, TransLink Capital, Lux Capital, Initialized Capital, Alumni Ventures Group, FJ Labs, Mitsubishi HC Capital, Blackhorn Ventures, Lorimer Ventures
- Series A, Apr 2, 2024 — Alumni Ventures Group
- Series A, Jan 18, 2022, $27M — Correlation Ventures, Lux Capital, Initialized Capital, Lorimer Ventures, One Planet VC

## Investors

- Correlation Ventures (https://capitalatlas.ai/funds/correlation-ventures) — Series A
- Lux Capital (https://capitalatlas.ai/funds/lux-capital) — Series A
- Initialized Capital (https://capitalatlas.ai/funds/initialized-capital) — Series A
- Lorimer Ventures (https://capitalatlas.ai/funds/lorimer-ventures) — Series A
- One Planet VC (https://capitalatlas.ai/funds/one-planet-vc) — Series A
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Series A
- NEC — Series A
- TransLink Capital (https://capitalatlas.ai/funds/translink-capital) — Series A
- FJ Labs (https://capitalatlas.ai/funds/fj-labs) — Series A
- Mitsubishi HC Capital — Series A
- Blackhorn Ventures (https://capitalatlas.ai/funds/blackhorn-ventures) — Series A