Formic Raises $50M to Expand General-Purpose Robotics in US Manufacturing

Formic, a commercialization platform for physical AI, announced on October 22 that it has raised $50 million in growth capital. The financing includes a Series B round led by Mercato Partners, with participation from Light Ray Ventures, Lightscape Partners, Citi, and other new and existing investors, as well as debt financing from S2G Investments.

The company said the funds will accelerate its expansion from task-specific automation into general-purpose robotics and support new applications such as metal fabrication, while deepening work in aerospace, space, defense, medical, energy, and the broader U.S. industrial base.

Formic said it currently operates hundreds of robots across more than 100 facilities in over 30 U.S. states, with more than 750,000 hours of live production experience. Its fleet runs at 99.6% uptime, and 97% of customers renew.

Founded in 2020, Formic offers a Robot-as-a-Service model that combines robotic equipment, deployment software, field operations, financing, and production data into a single monthly subscription, requiring no upfront capital investment from manufacturers. The company is also working with Physical Intelligence to adapt robotic foundation models for manufacturing using Formic's production data and operational expertise.