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Chicago-based Formic, which provides robots-as-a-service automation to manufacturers, raised $50M, including a $40M Series B and $10M in asset-backed financing (Natalie Breymeyer/Axios)

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In short

Formic, a Chicago-based company specializing in robots-as-a-service automation for manufacturers, has secured $50 million in funding. The round includes a $40 million Series B and $10 million in asset-backed financing. Formic CEO Saman Farid revealed this news exclusively to Axios.

Key points

  • Formic, a Chicago-based company specializing in robots-as-a-service automation for manufa…: Formic, a Chicago-based company specializing in robots-as-a-service automation for manufacturers, has secured $50 million in funding.
  • The round includes a $40 million Series B and $10 million in asset-backed financing.: The round includes a $40 million Series B and $10 million in asset-backed financing.
  • Formic CEO Saman Farid revealed this news exclusively to Axios.: Formic CEO Saman Farid revealed this news exclusively to Axios.

Sources checked by our analysis pipeline: 1

Natalie Breymeyer / Axios : Chicago-based Formic, which provides robots-as-a-service automation to manufacturers, raised $50M, including a $40M Series B and $10M in asset-backed financing   —  Formic, a physical AI commercialization platform, raised $50 million in financing, CEO Saman Farid tells Axios exclusively.

Original source: www.techmeme.com

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