Startups · Private company profile
Formic
Formic offers Robot-as-a-Service, deploying, servicing, financing, and maintaining robots in customers' factories for a recurring monthly payment with no upfront capital investment.
Private · Physical AI · Chicago
Funding history
| Date | Round | Amount | Lead / notable investors |
|---|---|---|---|
| October 22, 2026 | Growth round (including Series B) | $50M | Mercato Partners (lead, Series B); Light Ray Ventures, Lightscape Partners, Citi; S2G Investments (debt financing) |
Amounts as reported in the linked articles (company-reported or press-reported, not audited).
Blitz findings
- Formic reports more than 750,000 hours of live production experience across more than 100 facilities in more than 30 states, operating hundreds of robots at 99.6% uptime with a 97% customer renewal rate. — Source
- Current applications are palletizing, case packing, machine tending, kitting, and assist work across food and beverage, consumer packaged goods, chemicals, aerospace, defense, and packaging. — Source
- The new funding is to expand from task-specific automation into general-purpose robotics through the same deployment, servicing, and financing infrastructure. — Source
- Formic is working with Physical Intelligence, combining its robotic foundation models with Formic's production data and operational expertise. — Source
- Formic assembles and tests robots at a facility in Bolingbrook, Illinois, and develops new capabilities at an R&D center in Oakland, California. — Source
Latest research
Formic's $50M Growth Round — The Company That Sells Robot Uptime, Not Robots · November 5, 2026
Sources
- Formic's $50M Growth Round — The Company That Sells Robot Uptime, Not Robots (BlitzLab research)
- Formic company announcement via Business Wire, October 22, 2026 (VCA Online republication)
- Pulse2, October 23, 2026
- FinSMEs, October 23, 2026
- Axios reporting via Frontier Newswire summary for the $40M equity / $10M asset-backed split
Research only — not investment advice. Private-company figures are company-reported or press-reported, not audited. BlitzLab scores blitzscaling strategy from public data.