Chicago-based Formic raised $50 million, according to Axios, which reported that the financing included a $40 million Series B and $10 million in asset-backed financing. The Next Web said the money combines a Mercato Partners-led Series B with debt financing from S2G Investments, but noted that Formic did not disclose how the total was split between equity and debt. The financing will support Formic’s move toward general-purpose robots for a wider range of factory work. Formic is also working with Physical Intelligence to adapt the company’s robot foundation models for factory use. Under Formic’s Robot-as-a-Service model, customers pay one monthly fee covering the robots, software, maintenance and financing, with no upfront cost.