You’ve heard of SaaS, but what’s RaaS? Misa Ilkhechi, Co-founder of Formic walks us through the the company’s pioneering Robots-as-a-Service business model and how it democratizes CapEx intensive industrial automation projects for small & medium manufacturers in the U.S.
The pandemic was a catalyst for many things in our world today, including sparking the journey of Formic’s two co-founders to tackle a deeply felt pain point – supply chain shortages and lack of local manufacturing capabilities. Having spoken to several small manufacturers during his time at Universal Robots, Misa understood the pain point all too well and was determined to address it.
Misa also gives us his sage advice for aspiring entrepreneurs to identify a problem you’re deeply passionate, test it with an audience, and how to ‘do the math’ to ensure it’s a worthy problem to tackle.
Formic has deployed over 500 systems and successfully raised Series A in 2022. Check out formic.co