Blackhorn Ventures
Assembly Line
Formic Raises $27.4 Million to Bring Automation to More Manufacturers
Formic, a provider of Robots-as-a-Service (RaaS) automation for U.S. manufacturers, announced it has raised another $27.4 million in Series A financing led by Blackhorn Ventures with participation from Mitsubishi HC Capital America, NEC, Translink Capital, Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital and Lorimer Ventures. This new funding brings the total Series A round to more than $52 million since January 2022.
With the new financing, Formic plans to:
- Expand its fleet of standardized equipment to provide more automation to more manufacturers, offering rapid deployment and shorter lead times (75% of Formic customers are automating their material handling processes for the first time)
- Increase its network of support experts across the U.S., enabling even faster customer response while continuing to uphold industry-leading maintenance service level agreements (SLAs)
- Enhance its equipment-agnostic robotic automation software that leverages artificial intelligence (AI) for motion planning, predictive maintenance and system design, as well as more intuitive customer interfaces and dashboards
Blackhorn Ventures Leads Datch's Series A with $10 Million Investment
In just a few years, we have rapidly expanded, introducing our technology into Fortune 500 and other industry-leading enterprises, and now work with a range of sectors: utilities, energy, manufacturing, mining, and aviation. Continuing with this momentum, we are proud to announce our latest funding round of $10 million. Blackhorn Ventures, an Industry 4.0 fund investing in software companies redefining the industrial sector, led the capital raise, which was also supported by Blue Bear Capital, Boeing HorizonX, Park Partners, Lorimer Ventures, and others.
The funding will be used to expand Datch’s platform capabilities, introduce new integration tools, and scale our enterprise operations and support. Our goal is to provide our customers with the toolkit to map their unique processes and connect Datch to their systems-of-record with ease.