Automation & Robotics

Light Ray Ventures backs Formic’s Series B $50M funding Round

October 23, 2026

For more information, please visit the Formic’s website

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LightRay Ventures is pleased to announce its participation as one of the key investors in the Series B funding round of Formic. Led by Mercato Partners, the round forms part ofa $50 million growth financing package that also includes debt financing from S2G Investments. Other equity investors include Lightscape Partners and Citi.

The funding will support Formic’s expansion from task-specific automation intogeneral-purpose robotics and help bring its platform to more U.S. manufacturers. Our continued investment in Automation & Robotics reflects Light Ray’s commitment to technologies that improve industrial productivity and make advanced automation more accessible.

Readthe full announcement on Business Wire.

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“Formic is addressing a practical challenge: making advanced robotics accessible and productive on the factory floor. We are pleased to strengthen our partnership through this Series B round and support the company’s next stage of growth. We look forward to working with Saman and the team as they bring reliable automation to more manufacturers,” said Dima Bovykin, Managing Partner at Light Ray Ventures.

About Formic

Founded in 2020 and led by CEO Saman Farid, Formic enables manufacturers to automate production without upfront capital investment. Its Robots-as-a-Service model combines equipment, deployment, maintenance, financing, and performance monitoring in a single recurring monthly payment. The company operates hundreds of robots across more than 100 facilities in over 30 U.S. states, with over 750,000 hours of live production experience. Formic reports 99.6% fleet uptime and a 97% customer renewal rate.

For more information, please visit the Formic’s website

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© Light Ray Ventures