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Conversation
Highlights
Welcome to another episode of Category Visionaries — the show that explores GTM stories from tech’s most innovative B2B founders. In today’s episode, we’re speaking with Saman Farid, CEO & Founder of Formic, a robotics platform that has raised over $60 Million in funding.
Here are the most interesting points from our conversation:
- On-demand robot workforce: Formic provides factories with robots that can work on an hourly basis, aiming to solve labor shortages by making robotic solutions more accessible.
- COVID and labor shortages: Saman founded Formic during the pandemic, driven by supply chain disruptions and the unfilled jobs crisis in manufacturing, which showed a need for better automation solutions.
- From VC to founder: Saman transitioned back to being a founder because he believed in the massive potential of robotics. He saw a $10 billion opportunity in automating manufacturing tasks and felt compelled to take the leap.
- Robustness over cutting-edge tech: Formic focuses on reliability, prioritizing proven, dependable robotics technology that can run two shifts daily without downtime, over pursuing the latest but less mature advancements.
- Unique business model – “Pay for Productivity”: Formic guarantees performance and productivity, only charging clients for the output they get, which has been a game-changer in driving faster adoption of robotics.
- Scaling with $250M in financing: Formic uses a sophisticated capital stack to finance deployments, which allows them to offer a “try before you buy” model, making robotics more affordable and less risky for manufacturers.
Actionable
Takeaways
Focus on reliability, not just innovation:
Prioritize making your product reliable in real-world environments, especially when serving industries with high operational demands, like manufacturing.
Innovate the business model, not just the product:
Formic’s "Pay for Productivity" model, where customers only pay for output, shows how rethinking pricing models can unlock faster adoption and differentiate from competitors.
Understand your customer's pain points deeply:
Hiring salespeople who understand the customer's challenges, rather than focusing on technical salespeople, can significantly improve go-to-market efficiency.
Find investors who understand your tech’s value:
When fundraising for deep tech, don't waste time convincing uninterested investors. Focus on finding those who already understand or are eager to learn about your industry.
Leverage flexible financing models:
Formic secured over $250M in debt facilities to finance robotic deployments, making it easier to scale. Founders should explore similar creative financing options to support capital-intensive businesses.
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