The US manufacturing industry faces a severe labor shortage, with over 2 million jobs expected to go unfilled by 2030. The lack of skilled robotic programmers makes automation complex and expensive, resulting in only 1.1% of equipment purchases in 2021 being for robots. Formic's Robots-as-a-Service provides a simple and affordable solution to these challenges. Businesses don’t pay upfront and only incur a low hourly rate when the robots are in use. Formic handles all monitoring and maintenance, ensuring smooth and efficient operation. This approach is already showing improved results. Formic's equipment has logged over 100,000 production hours, and its robots have packed and stacked more than 1.2 billion products, effectively tackling the labor shortage and improving manufacturing efficiency. Big congratulations to Saman Farid, and the entire team at Formic, for building a cost-effective solution to bolster American manufacturing capacity and for raising a Series A financing round.
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