Formic raises US$50 million to expand into general-purpose factory robots
The financing includes a Mercato Partners-led Series B and debt from S2G Investments, with no breakdown disclosed.
Chicago-based Formic has raised US$50 million to help broaden its robot rental business beyond machines designed for individual factory tasks. The company is moving toward general-purpose robots capable of handling a wider range of industrial work.
Mercato Partners led the Series B, while S2G Investments provided debt financing. Formic did not disclose the amount supplied through each arrangement. Other investors included Light Ray Ventures, Lightscape Partners and Citi. Mercato Partners managing director Ryan Sanders is joining Formic’s board.
Founded in 2020, Formic charges customers a monthly fee covering equipment, software, maintenance and financing without an upfront payment. It also assumes responsibility for keeping the robots operational. The company says it operates hundreds of machines across more than 100 facilities in over 30 states, performing tasks including packing, palletizing and tending machines.
Formic is collaborating with Physical Intelligence to adapt its robot foundation models to factory applications using data from Formic’s production operations. A video accompanying the announcement shows a humanoid placing bags inside a box beside a Formic palletizer.
The company also plans to enter metal fabrication and expand its work in aerospace, space, defense, medical and energy. Its robots undergo assembly and testing at a new Bolingbrook, Illinois, site, while research takes place in Oakland, California.
