Saman Farid, CEO & Founder of Formic: $60 Million Raised to Build the Future of Robots-as-a-Service (RaaS)

2024-10-08

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Welcome to another episode of Category Visionaries — the show that explores GTM stories from tech's most innovative B2B founders. In today's episode, we're speaking with Saman Farid, CEO & Founder of Formic, a robotics platform that has raised over $60 Million in funding. Here are the most interesting points from our conversation: On-demand robot workforce: Formic provides factories with robots that can work on an hourly basis, aiming to solve labor shortages by making robotic solutions more accessible.

Here are the most interesting points from our conversation:

On-demand robot workforce: Formic provides factories with robots that can work on an hourly basis, aiming to solve labor shortages by making robotic solutions more accessible.
COVID and labor shortages: Saman founded Formic during the pandemic, driven by supply chain disruptions and the unfilled jobs crisis in manufacturing, which showed a need for better automation solutions.
From VC to founder: Saman transitioned back to being a founder because he believed in the massive potential of robotics. He saw a $10 billion opportunity in automating manufacturing tasks and felt compelled to take the leap.
Robustness over cutting-edge tech: Formic focuses on reliability, prioritizing proven, dependable robotics technology that can run two shifts daily without downtime, over pursuing the latest but less mature advancements.
Unique business model - "Pay for Productivity": Formic guarantees performance and productivity, only charging clients for the output they get, which has been a game-changer in driving faster adoption of robotics.
Scaling with $250M in financing: Formic uses a sophisticated capital stack to finance deployments, which allows them to offer a "try before you buy" model, making robotics more affordable and less risky for manufacturers.

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