Formic Overview
- Year Founded
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2020
- Status
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Private
- Employees
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125
- Latest Deal Type
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Series B
- Latest Deal Amount
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$50M
- Investors
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35
Formic General Information
Description
Developer of a robotics system intended to develop customized robots for operational automation. The company provides manufacturers with flexible and low-risk automation robots and companies pay for productivity when they use the system, enabling operators to improve overall productivity.
Contact Information
Website
www.formic.coCorporate Office
- 309 East Crossroads Parkway
- Bolingbrook, IL 60440
- United States
Corporate Office
- 309 East Crossroads Parkway
- Bolingbrook, IL 60440
- United States
Formic Timeline
Formic Valuation & Funding
| Deal Type | Date | Amount | Raised to Date | Post-Val | Status | Stage |
|---|---|---|---|---|---|---|
| 4. Later Stage VC (Series B) | 22-Oct-2026 | $50M | Completed | Generating Revenue | ||
| 3. Early Stage VC (Series A) | 25-Jun-2024 | Completed | Generating Revenue | |||
| 2. Accelerator/Incubator | 21-Jun-2023 | $5.23M | Completed | Generating Revenue | ||
| 1. Seed Round | 26-Mar-2021 | $5.23M | $5.23M | Completed | Generating Revenue |
Formic Cap Table
| Stock | # of Shares Authorized |
Par Value | Dividend Rate ($) | Original Issue Price |
Liquidation | Liquidation Pref. Multiple |
Conversion Price | % Owned |
|---|---|---|---|---|---|---|---|---|
| Series A-4 | ||||||||
| Series A-3 | ||||||||
| Series A-2 | ||||||||
| Series A-1 | 102,379 | $0.000010 | $0.18 | $2.93 | $2.93 | 1x | $2.93 | 0.34% |
| Seed | 5,069,418 | $0.000010 | $0.06 | $1.03 | $1.03 | 1x | $1.03 | 16.66% |
VC Exit Predictor
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Opportunity Score
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Exit Type
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Formic Comparisons
Industry
Financing
Details
Formic Competitors (4)
One of Formic’s 4 competitors is Locus Robotics, a Venture Capital-Backed company based in Wilmington, MA.
| Company Name | Financing Status | Location | Employees | Total Raised | Last Financing Date/Type | Last Financing Amount |
|---|---|---|---|---|---|---|
| Locus Robotics | Venture Capital-Backed | Wilmington, MA | ||||
| Vecna Robotics | Venture Capital-Backed | Waltham, MA | ||||
| inVia Robotics | Venture Capital-Backed | Westlake Village, CA | ||||
| Path Robotics | Venture Capital-Backed | Columbus, OH |
Formic Related Research & Analysis
Explore institutional-grade private market research from our team of analysts.
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Verticals
Formic Patents
Formic Recent Patent Activity
| Publication ID | Patent Title | Status | First Filing Date | Technology (CPC) | Citations |
|---|---|---|---|---|---|
| FR-1016871-A | Removable sole for the inside of shoes and method of manufacturing this sole | Inactive | 25-Mar-1950 |
Formic Signals
Growth Rate
Growth
Size Multiple
Key Data Points
Similarweb Unique Visitors
Majestic Referring Domains
Formic Investors (35)
| Investor Name | Investor Type | Holding | Investor Since | Participating Rounds |
|---|---|---|---|---|
| Carnrite Ventures | Venture Capital | Minority | ||
| Chakra Capital | Family Office | Minority | ||
| Citibank | Corporation | Minority | ||
| Deep Acre | Venture Capital | Minority | ||
| Fairtide Partners | PE/Buyout | Minority |
Formic FAQs
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When was Formic founded?
Formic was founded in 2020.
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Where is Formic headquartered?
Formic is headquartered in Bolingbrook, IL.
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What is the size of Formic?
Formic has 125 total employees.
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What industry is Formic in?
Formic’s primary industry is Other Hardware.
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Is Formic a private or public company?
Formic is a Private company.
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What is the current valuation of Formic?
The current valuation of Formic is .
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What is Formic’s current revenue?
The current revenue for Formic is .
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How much funding has Formic raised over time?
Formic has raised $109M.
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Who are Formic’s investors?
Carnrite Ventures, Chakra Capital, Citibank, Deep Acre, and Fairtide Partners are 5 of 35 investors who have invested in Formic.
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Who are Formic’s competitors?
Locus Robotics, Vecna Robotics, inVia Robotics, and Path Robotics are competitors of Formic.
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