Formic has raised $50 million in new financing as the Chicago-based robotics company prepares to expand from established factory automation systems into general-purpose robotics. The funding includes a Series B led by Mercato Partners, with backing from Light Ray Ventures, Lightscape Partners and Citi, alongside debt financing from S2G Investments.
Founded in 2020, Formic has built its business around making industrial automation available without requiring manufacturers to buy and maintain robots themselves. Customers pay a recurring fee for equipment, installation, software, maintenance and ongoing support. The company operates hundreds of robots across more than 100 facilities in over 30 US states, primarily performing tasks such as palletizing, case packing and machine tending.
That installed fleet has now accumulated more than 750,000 hours of production time, according to Formic. The company also reports 99.6% fleet uptime and a 97% customer renewal rate, figures that have not been independently audited in the announcement. The operational experience is central to its plans for more adaptable robotic systems, where performance depends as much on the realities of factory work as on the underlying AI model.
Formic is already collaborating with Physical Intelligence to adapt robotic foundation models using production data and engineering experience from its existing deployments. The relationship predates this financing and was featured in Physical Intelligence’s October 13 API beta announcement. Formic’s new capital will support further development of those capabilities and expansion into manufacturing applications including metal fabrication, aerospace and medical production.
The company assembles and tests systems at its Bolingbrook, Illinois facility and develops new capabilities at an Oakland research center. Its strategy is to introduce increasingly capable robots through the same managed-service model already used by its industrial customers, rather than asking each factory to develop its own robotics expertise.
Formic has not disclosed a valuation, a timetable for broad deployment of general-purpose robots or how much of the $50 million is equity versus debt in its official announcement.
