Mitsubishi Electric Corporation has announced that its ME Innovation Fund has invested in Formic Technologies Inc. (Formic), a U.S.-based startup company that designs, develops, and maintains industrial robots, offered through a subscription-based sales model.
This is the eighth investment that the fund has made to date.
Rise in demand for industrial robots
In the manufacturing and logistics sectors, efforts to automate processes in response to labor shortages are rapidly advancing, leading to increased demand for industrial robots.
Formic Technologies addresses these issues by offering a comprehensive range of services
However, the high up-front costs associated with deploying robots and the challenge of finding and training skilled workers have become major obstacles for many companies.
Formic Technologies addresses these issues by offering a comprehensive range of services that include the deployment, installation and maintenance of automation systems using industrial robots for tasks, such as palletizing and packaging.
Formic Technologies offers optimized solutions
Utilizing proprietary software, Formic Technologies provides optimized solutions tailored to the individual needs of clients, primarily small and medium-sized businesses.
By combining these solutions with a unique financing model and subscription-based service, Formic Technologies significantly reduces the burden on customers related to the deployment and maintenance of industrial robots, thereby contributing to the acceleration of automation in the manufacturing sector to address challenges, such as labor shortages.
Mitsubishi Electric invests in Formic Technologies
Through its investment in Formic Technologies, Mitsubishi Electric aims to develop a new business model that evolves its automation solutions into more accessible formats for its customers going forward.
