August 31, 2021

FormicRaaS400x275Formic Technologies, which provides robotics-as-a-service for manufacturers, has launched an offering that lets small and midsize manufacturers hire fully customized robots from top vendors at a low hourly rate with no upfront costs. The company said it handles every aspect of financing and deployment – from scoping, engineering, purchasing, implementation, and maintenance. Formic said it also guarantees uptime, with customers paying nothing for system downtime.

Traditionally, manufacturers need to buy robots, which can be a lengthy, complex, inflexible and expensive process. Formic said these barriers to entry are often too high for smaller manufacturers, and they end up not buying or deploying automation.

“We started Formic because we saw all that automation can do, and we wanted to provide a way for any manufacturer to easily adopt automation in a simple, risk-free, and on-demand way,” said Saman Farid, CEO and co-founder of Formic. “With Formic’s fundamentally different approach to financing and deployment, manufacturers can do more with automation without high costs or a lengthy and complicated purchasing and deployment process.”

Formic said its model is designed to systematically remove every barrier to entry, letting manufacturers deploy automation efficiently and cost effectively. The company said its deployments are 50% faster than traditional approaches, saving customers 42% on their operating expenses from the first day.

Farid, an engineer and robotics startup investor, founded Formic in September 2020 with Misa Ikhechi, a former Universal Robots salesperson. The company provides a unique combination of products and services, including:

  • Systemized deployment processes;
  • In-house equipment financing
  • Formic-designed solutions featuring products from leading robotic vendors, including Universal Robots, Fanuc, and  ABB.

“We came to the conclusion that what manufacturers needed was not any specific new technology, but a better way to access the technology that would best meet their needs,” said Farid. “Formic offers that access at a fraction of the cost or energy, as Formic takes on the heavy lifting.”

For more details on Formic’s offerings, visit its website here.