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Formic, a Chicago-based startup that deploys robots as a service for manufacturers, closed a $50 million funding round. The capital consists of $40 million in Series B equity funding and $10 million in asset-backed financing, according to CEO Saman Farid.
The company operates a physical AI commercialization platform, providing automation solutions to industrial manufacturers rather than requiring upfront capital expenditure from customers. The asset-backed component suggests the funding is tied to the robots themselves that Formic deploys.
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