Chicago-based Formic, which provides robots-as-a-service automation to manufacturers, raised $50M, including a $40M Series B and $10M in asset-backed financing
THE SO WHAT
Formic raising $50M — with $10M in asset-backed financing — shows RaaS is maturing into an infra-like financing game, not just SaaS with arms. Manufacturers on the fence about automation should expect more “no capex” offers and should scrutinize contract lock-in and uptime guarantees as closely as price.
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