How Much Did Formic Raise? Funding & Key Investors

Date August 22, 2025
F

Formic

COMPANY INFO

Formic Technologies, founded in 2020 by Saman Farid and Misa Ilkhechi, is a company in the Electronic Equipment and Instruments industry with approximately 72 employees as of 2024. The company offers robotics automation solutions through a unique Robotics-as-a-Service model that helps U.S. manufacturers overcome traditional barriers such as capital expenditure and labor shortages by providing flexible, low-risk automation systems that enhance productivity and operational success. Their website is formic.co.

How Much Did Formic Raise? Funding & Rounds and Investors

Formic Technologies, founded in 2020 by Saman Farid and Misa Ilkhechi, operates in the Electronic Equipment and Instruments industry. With around 72 employees as of 2024, Formic provides innovative robotics automation solutions through a Robotics-as-a-Service (RaaS) model. Targeting U.S. manufacturers, Formic helps clients overcome capital expenditure hurdles and labor shortages by offering flexible, low-risk automation systems designed to boost productivity. The company's headquarters is in Chicago, with additional offices in Woodridge, Naperville, Charlotte, the San Francisco Bay Area, and New York City.

Formic has built a strong funding history since its inception, demonstrating a strategic approach to financing growth and development. The company has raised approximately $59.1 million across four funding rounds, encompassing seed investment, venture capital, and significant debt financing. Notable milestones include a hefty conventional debt round to support extensive scaling and a recent Series A round aimed at broadening their technology and operational reach. Formic’s funding strategy blends equity and non-dilutive capital, enabling the company to accelerate expansion while maintaining operational flexibility.

Funding Rounds

Series A - $27.4M - June 25, 2024

This Series A round provides capital to expand Formic's automation fleet, grow their support network, and advance the development of their AI-driven automation software.

Series A3 - Undisclosed - September 9, 2023

An early-stage funding round intended to support the expansion of Formic’s operations and accelerate product development initiatives.

Conventional Debt Round - $100M - January 18, 2022

A major conventional debt raise supporting the company's aggressive growth plans and large-scale deployment of automation solutions.

Seed Round - $5.23M - March 26, 2021

Seed funding was instrumental for the initial launch of Formic and early development of its unique RaaS business model.

Key Investors

Lux Capital

Lux Capital is a prominent venture capital firm focused on emerging science and technology ventures. As a lead investor in Formic's seed round, Lux Capital played a pivotal role in the company’s initial funding and development phase.

Blackhorn Ventures

Blackhorn Ventures is a venture capital fund specializing in industrial and energy technology startups. Blackhorn led the Series A3 round and contributed to the Series A, providing Formic with strategic operational and scaling expertise.

Mitsubishi HC Capital America

Mitsubishi HC Capital America participated in both Formic’s substantial conventional debt round and Series A, bringing significant financial resources and credibility to the company’s expansion plans.

Initialized Capital

Initialized Capital is an early-stage venture capital firm known for backing high-growth technology startups. As an investor in Formic, they have contributed to the company's early growth and product innovation.

Alumni Ventures

Alumni Ventures is a network-driven venture capital fund, investing in innovative and high-potential companies like Formic, aiding in early and follow-up funding rounds.

Calm Ventures

Calm Ventures specializes in providing flexible venture capital to fast-growing startups, including Formic, helping secure growth capital.

Chapter One

Chapter One invests in transformative technology companies, supporting Formic’s strategic scaling and operational expansion.

Evolution

Evolution is a venture capital firm that invests in next-generation technology companies. Through their involvement, they’ve supported Formic’s growth and product reach.

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