Humanoid to invest $99,997 (U.S.) in Formic Tech

Executive Summary

• Humanoid Global Holdings Corp. has committed to a strategic investment in Formic Technologies Inc., a robotics-as-a-service provider focused on helping small to mid-sized manufacturers adopt automation.
• The investment amount is $99,997 (U.S.), though it has not yet been completed and remains subject to customary closing conditions.
• Formic Technologies offers a model with no upfront capital expenditure, providing access to robotics, maintenance, and software for a fixed monthly fee, aiming to address labor shortages and supply chain instability.

Key Details

• Investor: Humanoid Global Holdings Corp.
• Target: Formic Technologies Inc.
• Investment Amount: $99,997 (U.S.)
• Status: Committed but not yet completed; subject to customary closing conditions.
• Business Model: Robotics-as-a-service for small to mid-sized American manufacturers.
• Value Proposition: Rapid, scalable deployment with reduced operational risk; no upfront capital expenditure; single fixed monthly fee.
• Operational Metrics (Formic):
  • Deployed robots have collectively packed and stacked more than 1.2 billion products.
  • Achieved uptime levels of approximately 99%.
  • Contributed to a significant reduction in reported customer safety incidents.
• Recognition: Formic was named a Technology Pioneer by the World Economic Forum in 2023, included on Fast Company's Most Innovative Companies list, and featured in Andreessen Horowitz's American Dynamism Top 50.
• Future Disclosure: Humanoid Global will provide additional details regarding the investment in a future news release.

Notable Quotes

• "By helping to reduce financial and operational barriers, Formic seeks to enable more manufacturers to make the strategic decision to automate with greater confidence in their ability to maintain reliable consistency and quality while also supporting improvements in employee safety and well-being," said Shahab Samimi, chief executive officer of Humanoid Global. "We believe that projected labour shortages in manufacturing could negatively impact productivity and contribute to instability across the supply chain and, by extension, the broader economy."