RoboticsContext
Robotics Context

Formic

Public facts, each with its source and the date it was true as of. Company-reported figures are labeled self-reported.

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On this page

Snapshot

  • Founded

    Detail
    2020[1]
    As of
    Jan 2025

  • Headquarters

    Detail
    Woodridge, Illinois[2]
    As of
    Aug 2026

  • Facilities

    Detail
    Robots assembled and tested in Bolingbrook, Illinois; R&D in Oakland, California[3]
    As of
    Oct 2026

  • West Coast site

    Detail
    13,000 sq ft robot factory and humanoid R&D site in Oakland, California, opened Aug 2026[2]
    As of
    Aug 2026

  • Leadership

    Detail
    Saman Farid, founder and CEO[3]Full leadership
    As of
    Oct 2026

  • Pi collaboration

    Detail
    Working with Physical Intelligence to combine its robotic foundation models with Formic's production data and operating experience, adapting the models for factory applications[3]Self-reported
    As of
    Oct 2026

Leadership

  • CEO

    Person and background
    Saman Farid, founder and CEO[3](Oct 2026)
    Co-founded and was a managing partner of VC firm Comet Labs, then headed Baidu Ventures USA; a control systems engineer by training, with an MBA from Tsinghua University and MIT[4](Jan 2020)
    Cooper Union mechanical engineer; Tsinghua-MIT MBA (Baidu Ventures team profile)[5](Oct 2026)
    As of
    Oct 2026

  • COO

    Person and background
    Danijel Lolic, COO[6](Jun 2026)
    Danijel Lolic was VP of Product at Formic in Sep 2025[7](Sep 2025)
    Danijel Lolic was formerly head of operations at Rice Fruit, a fruit and produce supplier[8](Oct 2026)
    As of
    Oct 2026

  • CFO

    Person and background
    Jack Wagler, CFO[9](May 2025)
    Jack Wagler: former CEO of Intermedium Financial; earlier at HireQuest, Tyr Partners, EY, PNC, Wells Fargo Advisors, Wachovia Securities, Bank of America, Banc of America Securities and ABN AMRO[10](Oct 2026)
    As of
    Oct 2026

  • CMO

    Person and background
    Shawn Fitzgerald, CMO[11](Oct 2026)
    Shawn Fitzgerald was previously CMO of Xometry and president of Thomasnet.com[9](May 2025)
    As of
    Oct 2026

  • VP Sales

    Person and background
    Joel Onyshuk, VP of Sales (joined Dec 2024)[12]
    As of
    Dec 2024

  • General Counsel

    Person and background
    Todd Plotner, Formic's first General Counsel (joined Dec 2024): 25 years in equipment leasing, securitization and structured finance; formerly a partner at Chapman and Cutler[12]
    As of
    Dec 2024

  • Board

    Person and background
    Ryan Sanders, Managing Director at Mercato Partners, joined the board (Oct 2026)[3]
    As of
    Oct 2026

Scale and customers

  • Scale claims (Oct 2026)

    Detail
    750,000+ hours of live production; hundreds of robots in 100+ facilities across 30+ states; 99.6% uptime; 97% of customers renew[3]Self-reported
    As of
    Oct 2026

  • Customers (CEO, Oct 2026)

    Detail
    "150 factories using Formic robots and counting" (CEO, Oct 2026)[13]Self-reported
    As of
    Oct 2026

  • Site claims

    Detail
    99.30% uptime over the last 12 months; 12-week average lead time; 3M+ items produced weekly; about 20% opex reduction[14]Self-reported
    As of
    Sep 2026

  • Named customers

    Detail
    Bacardi, Cameron's Coffee, Land O'Frost, Trident Seafoods[14]
    As of
    Sep 2026

  • Customer quoted

    Detail
    Masters Gallery Foods, quoted in the Oakland facility announcement[2]
    As of
    Aug 2026

  • Customers (Feb 2025)

    Detail
    120+ small and mid-size factories; about 70–75% were first-time robot users[15]Self-reported
    As of
    Feb 2025

  • Revenue growth

    Detail
    Revenue "tripling" year over year[15]Self-reported
    As of
    Feb 2025

  • Production hours

    Detail
    200,000 cumulative production hours[1]Self-reported
    As of
    Jan 2025

  • Contract renewal

    Detail
    98% contract renewal[1]Self-reported
    As of
    Jan 2025

  • Uptime

    Detail
    99.8% uptime[1]Self-reported
    As of
    Jan 2025

Funding

  • Funding disclosed

    Detail
    About $52–54M total Series A: $26.5M led by Lux Capital (2022), extended by $27.4M led by Blackhorn Ventures (Jun 2024)[16]
    As of
    Jun 2024

  • Series B

    Detail
    $50M in growth capital: a Series B led by Mercato Partners, with Light Ray Ventures, Lightscape Partners, Citi and other new and existing investors, plus debt financing from S2G Investments. The equity/debt split was not disclosed[3]
    As of
    Oct 2026

  • Use of funds

    Detail
    General-purpose robotics; new applications such as metal fabrication; more work in aerospace, space, defense, medical and energy[3]
    As of
    Oct 2026

  • Fleet financing

    Detail
    Joint agreement with Mitsubishi HC Capital America to finance the robot lifecycle[17]
    As of
    Jun 2024

  • Mercato Partners

    Round
    Led the Series B ($50M with S2G Investments debt financing)[3]
    Date
    Oct 2026

  • Blackhorn Ventures

    Round
    Led the $27.4M Series A extension[16]
    Date
    Jun 2024

  • Lux Capital

    Round
    Led the $26.5M Series A[18]
    Date
    Jan 2022

  • Humanoid Global Holdings

    Round
    Minority stake (size undisclosed)[19]
    Date
    —

Products and models

  • Applications

    Detail
    • Palletizing: Vision-guided, mixed SKUs
    • Case packing: Pick-and-place with fast changeovers
    • Machine tending: CNC mills, lathes, injection molders
    • Pallet wrapping: Automated stretch wrap
    • AMRs: Autonomous material movement
    • Fast Track: Packaged end-of-line system
    • Humanoids: Early access; production units on the 2026–27 roadmap
    [14]
    As of
    Sep 2026

  • Pricing model

    Detail
    A flat monthly fee covers the robot, integration, monitoring and 24/7 support; billing starts only after agreed performance targets are met[14]Self-reported
    As of
    Sep 2026

  • Price points

    Detail
    Not published by Formic. One third-party guide cites $8–$24 per robot-hour (unverified)[20]
    As of
    Sep 2026

  • Roadmap

    Detail
    2026–27: expanded metal fab, quality inspection and production humanoids[14]Self-reported
    As of
    Sep 2026

Models used

  • Physical Intelligence: Formic is an early-access Pi API user and is working with Pi to adapt Pi's foundation models to manufacturing using Formic's production data (Oct 2026)[21]

Relationships

Investors

  • Mercato Partners: Led the Series B ($50M with S2G Investments debt financing) (Oct 2026)[3]
  • Blackhorn Ventures: Led the $27.4M Series A extension (Jun 2024)[16]
  • Lux Capital: Led the $26.5M Series A (Jan 2022)[18]
  • Humanoid Global Holdings: Minority stake (size undisclosed)[19]

Model suppliers

  • Physical Intelligence: Formic is an early-access Pi API user and is working with Pi to adapt Pi's foundation models to manufacturing using Formic's production data (Oct 2026)[21]

Partners

  • Mitsubishi HC Capital America: Agreement to finance the robot lifecycle (Jun 2024)[17]

Memberships

Competitors

  • RobCo: Both deliver robots as a service with no upfront cost for machine tending and palletizing in U.S. manufacturing[22]
  • Ultra[23]

Recent moves

  • Oct 22, 2026

    Move
    Raised $50M in growth capital, including a Series B led by Mercato Partners plus debt financing from S2G Investments[3]

  • Oct 18–21, 2026

    Move
    Exhibiting at PACK EXPO Chicago[14]

  • Oct 13, 2026

    Move
    Named an early-access user of Physical Intelligence's Pi API (hosted fine-tuning and inference of π foundation models)[21]

  • Oct 13, 2026

    Move
    The CEO says Formic is "working with" Pi and cites "150 factories using Formic robots and counting"[13]

  • Aug 19, 2026

    Move
    Opened 13,000 sq ft Oakland facility for robot building and humanoid R&D; says new capital is going to humanoid deployment (amount undisclosed)[2]

  • Jul 22, 2026

    Move
    Robots for America coalition, which Formic catalyzed, names former Tyson Foods CEO Dean Banks executive director[19]

  • May 2026

    Move
    Robots for America launched at SCSP AI+ Expo; founding members include Machina Labs, Standard Bots, Dexterity[19]

  • Feb 2025

    Move
    120+ factory customers; revenue tripling YoY (company claim)[15]

  • Jan 7, 2025

    Move
    200,000 production hours; 99.8% uptime; 98% renewals (company claims)[1]

  • Jun 25, 2024

    Move
    $27.4M Series A extension led by Blackhorn; Mitsubishi HC Capital financing agreement[17]

Sources

  1. BusinessWire: 200,000 production hours (Jan 2025)
  2. Yahoo Finance: Formic opens Oakland facility (Aug 2026)
  3. BusinessWire: Formic raises $50 million to scale physical AI (Oct 2026)
  4. Global Venturing: GCV Emerging Leaders 2020, Saman Farid (Jan 2020)
  5. Wellfound: Baidu Ventures people
  6. Intelligent CIO: Formic opens new Chicagoland HQ (Jun 2026)
  7. BusinessWire: Formic fleet surpasses 400,000 production hours (Sep 2025)
  8. Formic webinar: 20 questions with CPG automation experts
  9. Formic fact sheet (2025)
  10. CB Insights: Intermedium Financial people (aggregator)
  11. TNW: Formic raises $50M for general-purpose factory robots (Oct 2026)
  12. BusinessWire: Formic announces leadership additions (Dec 2024)
  13. Saman Farid on X: working with Physical Intelligence (Oct 2026)
  14. Formic homepage
  15. FreightWaves: Formic democratizing rental robotics (Feb 2025)
  16. ABF Journal: Blackhorn leads $27.4M (Jun 2024)
  17. Formic: The Next Chapter (Jun 2024)
  18. Automation.com: Formic raises $26.5M Series A led by Lux Capital (Jan 2022)
  19. GlobeNewswire: Robots for America update (Jul 2026)
  20. CobotFinder: RaaS companies guide
  21. Physical Intelligence: Pi API beta (Oct 2026)
  22. businesswire.com
  23. Fortune: Ultra raises $62M for its warehouse robots-as-a-service business (Oct 2026)