Formic raises $50 million, including $10 million in asset-backed financing, to take its robots-as-a-service model into general-purpose robots
Chicago-based Formic said on Oct. 22 it raised $50 million in growth capital, a $40 million Series B plus $10 million in asset-backed financing according to CEO Saman Farid's account to Axios. The company said Mercato Partners led the equity round, and it runs hundreds of robots in more than 100 U.S. facilities for a monthly fee while planning to expand into general-purpose robotics.
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