Formic Raises $50M to Scale Physical AI in U.S. Factories

Formic has raised $50M in new funding, including a $40M Series B round and $10M in asset-backed financing, to expand its robots-as-a-service offerings for U.S. manufacturers. The Chicago-based company plans to use the capital to deploy physical AI on factory floors and currently operates in more than 100 manufacturing facilities across 30 states with a 99.6% uptime and 97% renewal rate. Initialized, which led Formic's seed round in 2021, remains an investor as the company scales its operations.