Total amount raised
$45 Millions
Latest funding date
10/01/2023
Location
Formant has successfully raised significant funding over multiple rounds, establishing itself as a key player in the cloud robotics industry. The platform offers a unified solution for businesses to leverage data, build automation workflows, and prove ROI.
Keep reading to explore the intricacies of Formant's fundraising journey and the investors backing this innovative platform.
What Is Formant?
Formant operates in the cloud robotics industry, providing a comprehensive platform for businesses to manage and optimize their robotic operations. The company is based in Mill Valley, California.
Formant's platform offers real-time data ingestion, security, scalability, and a suite of tools for building applications. Their solutions cater to various corporate needs, including Robotics as a Service (RaaS) and enterprise solutions, making them a trusted partner for leading robotics companies.
How Much Funding Has Formant Raised?
- Seed Round
- Amount Raised: $6M
- Date: December 2018
- Lead Investors: SignalFire
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of their platform and establish a market presence.
- Series A
- Amount Raised: $18M
- Date: January 2022
- Lead Investors: SignalFire
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support customer acquisition growth, enhance customer support, and invest in product integrations and APIs.
- Series A
- Amount Raised: $21M
- Date: October 2023
- Lead Investors: BMW i Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and further develop their platform to meet growing market demands.
Total Amount Raised: $45M. Current Valuation: Not publicly disclosed.
Key Investors
- SignalFire
- Details: SignalFire is a venture capital firm that leverages data and technology to support its portfolio companies. They are known for their deep network and operational support.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Grammarly, Ro, Frame.io.
- BMW i Ventures
- Details: BMW i Ventures is the venture capital arm of BMW Group, focusing on high-potential startups in the mobility sector. They provide strategic support and access to BMW's extensive network.
- Investment Focus Areas: Mobility, sustainability, automotive technology.
- Notable Investments: ChargePoint, RideCell, Solid Power.
- Hillsven
- Details: Hillsven is a venture capital firm that invests in early-stage technology companies. They are known for their hands-on approach and long-term commitment to their portfolio companies.
- Investment Focus Areas: Technology, software, internet services.
- Notable Investments: Facebook, Zappos, OpenTable.
- Pelion
- Details: Pelion is a venture capital firm that invests in early-stage technology companies. They focus on providing strategic guidance and operational support to help startups scale.
- Investment Focus Areas: Software, cloud computing, cybersecurity.
- Notable Investments: Red Hat, Riverbed Technology, Cloudflare.
- Goodyear Ventures
- Details: Goodyear Ventures is the venture capital arm of Goodyear Tire & Rubber Company. They invest in startups that align with Goodyear's vision for the future of mobility.
- Investment Focus Areas: Mobility, transportation, automotive technology.
- Notable Investments: Starship Technologies, TuSimple, Envoy.
What's Next for Formant?
Formant stands at the cusp of significant growth opportunities, driven by the increasing integration of robotics automation across industries. With a robust platform capable of managing large fleets of robots, Formant is well-positioned to capitalize on the expanding market, which saw North American companies order over 31,000 robotics systems in 2020 alone.
Future fundraising efforts are likely as Formant seeks to scale its operations and enhance its platform to meet growing demands. The company’s ability to attract additional capital will be crucial in maintaining its competitive edge and expanding its customer base, which includes notable clients like BP and John Deere subsidiary Blue River.
However, Formant faces challenges such as competition from other robotics management platforms and addressing concerns about job displacement due to automation. Ensuring their platform remains adaptable and extensible will be key to overcoming these hurdles and sustaining long-term growth.
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