Manufacturing Automation Startup Formic Raises $50M
Formic, a Chicago-based robotics company, pulled in $50 million of growth funding, according to a Business Wire release dated October 22. Mercato Partners headed a Series B that forms part of the total, S2G Investments supplied debt, and Citi plus several venture firms joined in.
Here is the lesson I want you to steal. Formic did not win by building the flashiest robot. It won by taking on the headache of making robots work in real factories, and it charges one monthly fee for the whole thing. That model is worth studying, whatever you sell.
What Formic does and how it charges
Formic runs a…
The skinny
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