Tech Company Financing Transactions
Formic Funding Round
Formic, based in Naperville, secured $27.4 million in investment from Blackhorn Ventures, Alumni Ventures and FJ Labs.
Transaction Overview
Company Name
Announced On
6/25/2024
Transaction Type
Venture Equity
Amount
$27,400,000
Round
Series A
Investors
Proceeds Purpose
The company intends to use the funds to: Expand its fleet of standardized equipment to provide more automation to more manufacturers; Increase its network of support experts across the U.S.; Enhance its equipment-agnostic robotic automation software that leverages artificial intelligence (AI) for motion planning, predictive maintenance and system design, as well as more intuitive customer interfaces and dashboards.
Company Information
Company Status
Private & Independent
Industry
Manufacturing
Mailing Address
2012 Corporate Lane 108, DPT #8077
Naperville, IL 60563
USA
Naperville, IL 60563
USA
Phone
Website
Email Address
Overview
We didn't invent automated systems, but we democratized them. Because technology doesn't change the world until you make it accessible to those who need it most. Our mission is to continue the American legacy of innovation by making it your reality. Our team has deployed over 500 systems, and our 100+ System Integrator partners have more than 5,000 deployments under their belts, making us the ideal partner for any automation job.
Profile
Social Media
Company News
Facebook
YouTube
Management Team
Title
Name
Email & Social
Chief Executive Officer
Saman Farid
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