# Formic

**Source:** https://www.startuphub.ai/startups/formic
**Profile type:** Startup

> Robots-as-a-Service (RaaS) for U.S. manufacturers, offering flexible, low-risk automation.

## About

Formic provides fully supported robotic automation to U.S. manufacturers through a Robots-as-a-Service (RaaS) model. They offer flexible, low-risk automation systems with $0 CapEx, including deployment, 24/7 support, and maintenance, all for a fixed monthly rate. Their solutions aim to help manufacturers overcome labor shortages and increase productivity.

## Key facts

- **Slug:** formic
- **Website:** https://formic.co/
- **Location:** San Francisco, United States
- **Founded:** 2020-01-01
- **Employees:** 106
- **Operating status:** Active
- **Total funding:** $159M
- **Sectors / tags:** Industrial Automation, Robotics, Robots-as-a-Service, Manufacturing, Advanced Manufacturing, Predictive Maintenance, Supply Chain
- **Social:**
  - LinkedIn: https://www.linkedin.com/company/formic-technologies
  - Twitter: https://twitter.com/goformic
  - Facebook: https://www.facebook.com/Formic-Technologies-104682078364370

## Frequently asked

### What does Formic do?

Formic provides fully supported robotic automation to U.S. manufacturers through a Robots-as-a-Service (RaaS) model. They offer flexible, low-risk automation systems with $0 CapEx, including deployment, 24/7 support, and maintenance, all for a fixed monthly rate. Their solutions aim to help manufacturers overcome labor shortages and increase productivity.

### What is Formic's revenue?

StartupHub estimates Formic's annual revenue at $38.0M (range $20.0M to $56.5M, 68% confidence), based on comparable companies in the sector.

### What is Formic's valuation?

StartupHub estimates Formic's effective valuation at $640.2M (range $397.8M to $954.8M, 14% confidence), based on comparable companies in the sector.

### How much funding has Formic raised?

Formic has raised a total of $159M in funding. The most recent round on record is Series A Extension.

### Where is Formic headquartered?

Formic is headquartered in San Francisco, United States.

### When was Formic founded?

Formic was founded in 2020.

### What industry does Formic operate in?

Formic operates in Industrial Automation, Robotics, Robots-as-a-Service, Manufacturing, Advanced Manufacturing, Predictive Maintenance.

### How many employees does Formic have?

Formic has approximately 106 people on record.

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