Formic has raised $50 million to extend its fixed-monthly-price robot service from task-specific factory jobs into bimanual and humanoid pilots. Axios reported the package as a $40 million Series B led by Mercato Partners and $10 million of asset-backed financing from S2G Investments; Formic announced the combined financing on Oct. 22.
The financing mix reflects an equipment-heavy subscription business. Customers avoid buying robots upfront, while their recurring fee covers the hardware, deployment software, field operations, maintenance and performance monitoring. Formic remains responsible for financing and keeping the systems productive.
The installed fleet still concentrates on defined jobs such as palletizing, case packing, machine tending and kitting. Formic says it operates hundreds of robots at more than 100 facilities across over 30 states, with more than 750,000 production hours, 99.6% uptime and a 97% customer-renewal rate. Those figures are company-reported.
A company-published case study shows how that service works for an existing customer. Cleaning-products manufacturer Maintex installed two palletizers covering two of its four main production lines. Each deployment took less than a week, and Maintex said the relevant line crew fell from five people to three as workers moved to other duties.
Formic’s current humanoids page says bimanual mobile robots are running production cycles in pilot programs at real manufacturing facilities, while humanoid pilots are running with select customers across 2026 and 2027. The humanoid pilots are initially limited to one task, one cell and one shift, with expansion contingent on proving the economics. Formic does not identify the customers or disclose pilot results.
The financing announcement also says Formic is combining Physical Intelligence’s robotic foundation models with its factory data and operating experience. It does not tie a named customer deployment or result to a system derived from that collaboration.
The package follows a $27.4 million extension in June 2024 that brought Formic’s Series A to $53.9 million. Formic reported more than 100,000 production hours at that point, compared with more than 750,000 hours now. Both figures are company-reported snapshots.