S2G Investments is providing debt financing as part of a financing announced by Formic on 22 October, in which the Chicago company said it had raised $50m, which it described as growth capital. The financing includes a Series B led by Mercato Partners, with participation from Light Ray Ventures, Lightscape Partners, Citi and other new and existing investors.
Formic, founded in 2020, offers Robot-as-a-Service for manufacturers: equipment, deployment software, field operations, maintenance, financing and performance monitoring for one recurring monthly payment, with no upfront capital from customers. The company said the $50m will accelerate its move from task-specific automation to general-purpose robotics, strengthen its AI and robotics capabilities, and support expansion into applications including metal fabrication.
Formic did not disclose the split between the Series B and the S2G debt financing. It also did not disclose the debt financing’s size, tenor, pricing, security or structure, or the valuation.
Axios reported that the $50m comprised a $40m Series B and $10m in asset-backed financing, according to a Techmeme summary of its Axios Pro story. Formic has not confirmed that breakdown.
Company figures put Formic’s fleet at hundreds of robots across more than 100 facilities in more than 30 states, with 750,000-plus hours of live production, 99.6% uptime and 97% customer renewal. Formic assembles and tests robots in Bolingbrook, Illinois, and has an R&D centre in Oakland, California. It is also working with Physical Intelligence on robot foundation models.
Marisa Sweeney, principal at S2G Investments, said, "Formic has built a multi-year operating record across a large, active fleet, with systems that keep producing year after year. That kind of foundation is what supports growth at scale."
Ryan Sanders, managing director at Mercato Partners, joins Formic’s board. The company said the funding will deepen work in aerospace, space, defence, medical, energy and the broader US industrial base.