I’m excited to share that Formant has raised $21 million in our latest funding round, adding new investors BMW i Ventures, Intel Capital, and GS Futures.
You can read more about it in some of today’s press coverage:
This funding follows a year of record growth for Formant, in which we increased revenue 500% year-over-year. This growth was driven by increased traction in blue chip companies across multiple verticals, including Blue River Technology (a subsidiary of John Deere) and BP, as well as successful robots-as-a-service (RaaS) companies including Burro, Scythe Robotics, and Knightscope.
In 2023, we strategically expanded our focus on the enterprise to accelerate the already growing adoption of intelligent robots into large organizations. To meet the needs of enterprise fleets, we announced the release of advanced account management and security features to empower our customers. We also launched Theopolis, the AI chatbot that enables non-technical users to interact with robot data and build visualizations inside of Formant.
“In the last 12 months we’ve 10x’d the number of devices on our platform.”
In the last 12 months we’ve 10x’d the number of devices on our platform. I’m extremely proud of this metric, and I think it’s significant for two reasons. First, it serves as another proof point that robot adoption continues to accelerate. Second, it shows that modern robot operations (with robust data collection, teleoperation, and multiple teams collaborating in one tool) is possible at scale.
Our previous funding allowed us to build out our go-to-market function, helping us to become the go-to platform for RaaS startups. With this new investment, we are planning to focus on three main things:
- Continue to invest in product and GTM to drive enterprise adoption
- Expand our partnership efforts and build out the Formant integration ecosystem
- Bring our modern take on robot operations to more traditional segments of the automation industry
Formant will also benefit from the experience and expertise provided by our new strategic investors. Their industry insight will help accelerate our adoption across all areas of physical automation. As Kasper Sage, Managing Partner at BMW i Ventures puts it: “Formant is the operating system underpinning the future of the automated enterprise.”
If you’re interested in learning how Formant can help you scale and manage your robot fleet, request a demo with our team.
Cheers to a great rest of the year for robotics companies, everywhere!
Jeff Linnell, CEO of Formant