Formic provides full-service automation solutions specializing in end-of-line case packing and palletizing systems. This Robots-as-a-Service model includes equipment deployment, 24/7 service and parts, and production intelligence software for a fixed monthly rate. The service aims to eliminate labor challenges and ergonomic risks while providing manufacturers with measurable productivity improvements.
Funding
$59.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
MEFounders
Product
Problem
Many manufacturers, especially small to medium-sized businesses, face significant barriers to automating their production lines, including high upfront costs, complex integration processes, and a lack of in-house robotics expertise. This results in manufacturers continuing to rely on manual processes, leading to inefficiencies and increased labor costs.
Solution
Formic provides robotic automation solutions through a robots-as-a-service (RaaS) model, enabling manufacturers to deploy automation without significant capital expenditure. Formic offers month-to-month rentals of fully supported, turnkey robotic systems, including palletizers and packaging solutions. The company handles system design, installation, maintenance, and 24/7 technical support, ensuring operational success and contracted performance rates. This approach allows manufacturers to shift from manual processes to efficient automation, scale production by swapping equipment as needs change, and achieve a positive ROI from day one.
Target Audience
Formic primarily targets food, beverage, chemical, and consumer packaged goods (CPG) companies, particularly small to medium-sized manufacturers that have not yet adopted automation or are seeking to scale their existing automation capabilities.
Features
- Full-service palletizer and packaging rentals on a monthly or annual basis
- Access to a range of robotic systems, from collaborative robots to industrial robots
- 24/7 technical support, including remote operational and software assistance
- 100% maintenance coverage, including preventative and corrective maintenance, and spare/replacement parts
- Performance SLAs to ensure contracted productivity levels
- Customized palletizer solutions for specialized and complex production lines
- Formic Production Intelligence (FPI) software for monitoring and optimization