A new robotics-as-a-service company Formic Technologies has launched with a simple value proposition: hire fully customized robots from top vendors at a “low hourly rate and no upfront cost”.
To help small and medium-size manufacturers benefit from automation, Formic handles every aspect of a financing and implementation – from scoping, engineering, purchasing, implementation, and maintenance. The company also guarantees uptime, with customers paying nothing for system downtime.
Traditionally, manufacturers buy robots, which is a lengthy, complex, inflexible, and expensive process. These barriers to entry are so high for smaller manufacturers that they often refrain from implementing automation altogether.
Saman Farid, CEO and co-founder, says: “We started Formic because we saw all that automation can do, and we wanted to provide a way for any manufacturer to easily adopt automation in a simple, risk-free, and on-demand way.
“With Formic’s fundamentally different approach to financing and deployment, manufacturers can do more with automation without high costs or a lengthy and complicated purchasing and deployment process.”
Formic’s model was designed to systematically remove every barrier to entry, allowing manufacturers to apply automation efficiently and cost effectively.
Formic says testing shows that its installations are “50 percent faster than traditional approaches and save customers 42 percent on their operating expenses from the first day”.
According to Farid, an engineer and robotics start-up investor who founded Formic with former Universal Robots salesperson Misa Ikhechi, a “unique combination of products and services make Formic’s model possible”, as highlighted below:
- Systematized deployment processes
- In-house equipment financing
- Formic-designed solutions featuring products from leading robotic vendors such as Universal Robots, Fanuc and ABB
Farid adds: “We came to the conclusion that what manufacturers needed was not any specific new technology, but a better way to access the technology that would best meet their needs.
“Formic offers that access at a fraction of the cost or energy, as Formic takes on the heavy lifting.”