BMW i Ventures* today announced in Mountain View, CA an investment in Formant,** a robotics data and operations platform. BMW i Ventures led the $21 million round, with participation from new investors Intel Capital, GS Futures, and previous investors, including SignalFire, Hillsven, Goodyear Ventures, Pelion Ventures, Holman, Ericsson, PICUS Capital, and Thursday Ventures. Formant’s platform is claimed to deliver the data backbone that powers large-scale robotic fleets. (AutoInformed: Autonomous Forklift Startup Backed By BMW i Ventures)
“Autonomous robotic systems have broken free from R&D departments and are now being deployed at scale to drive business outcomes and resilient operations,” said Kasper Sage, Managing Partner at BMW i Ventures. “Their proliferation across mission-critical functions as well as support tasks for humans in various industries underscores the urgent need for seamless data management and orchestration across robotic endpoints. Formant is the operating system underpinning the future of the automated enterprise.”
This latest fundraising comes after a year of record growth for Formant, during which revenue increased by more than 500% year-over-year. The company will use the new funds to expand its hiring in all departments, introduce new products and features, and accelerate growth in 2023 and beyond, according to Format.
*About BMW i Ventures
BMW i Ventures is BMW’s venture capital firm, investing money and resources in startups in the fields of Transportation, Manufacturing, Supply Chain and Sustainability. The firm has made many successful investments over the years in companies such as Blackmore, Chargepoint, CelLink, Proterra, Solid Power, Tekion, Xometry and many more. BMW i Ventures invests in all stages from seed to growth with a focus on Series A/B.
**Formant is a cloud platform that it claims helps robotics companies deploy, scale, and manage their fleets. Founded in 2017 by former roboticists at Google and Savioke, Formant’s platform powers tens of thousands of field-deployed robots from leading companies such as Knightscope, Scythe, and Burro. Earlier this year, Format launched Theopolis, an AI language interface that enables non-technical users to interact directly with robot data and build visualizations inside Formant.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
BMW i Ventures Invests in Formant Robotics Data Platform
BMW i Ventures* today announced in Mountain View, CA an investment in Formant,** a robotics data and operations platform. BMW i Ventures led the $21 million round, with participation from new investors Intel Capital, GS Futures, and previous investors, including SignalFire, Hillsven, Goodyear Ventures, Pelion Ventures, Holman, Ericsson, PICUS Capital, and Thursday Ventures. Formant’s platform is claimed to deliver the data backbone that powers large-scale robotic fleets. (AutoInformed: Autonomous Forklift Startup Backed By BMW i Ventures)
“Autonomous robotic systems have broken free from R&D departments and are now being deployed at scale to drive business outcomes and resilient operations,” said Kasper Sage, Managing Partner at BMW i Ventures. “Their proliferation across mission-critical functions as well as support tasks for humans in various industries underscores the urgent need for seamless data management and orchestration across robotic endpoints. Formant is the operating system underpinning the future of the automated enterprise.”
This latest fundraising comes after a year of record growth for Formant, during which revenue increased by more than 500% year-over-year. The company will use the new funds to expand its hiring in all departments, introduce new products and features, and accelerate growth in 2023 and beyond, according to Format.
*About BMW i Ventures
BMW i Ventures is BMW’s venture capital firm, investing money and resources in startups in the fields of Transportation, Manufacturing, Supply Chain and Sustainability. The firm has made many successful investments over the years in companies such as Blackmore, Chargepoint, CelLink, Proterra, Solid Power, Tekion, Xometry and many more. BMW i Ventures invests in all stages from seed to growth with a focus on Series A/B.
**Formant is a cloud platform that it claims helps robotics companies deploy, scale, and manage their fleets. Founded in 2017 by former roboticists at Google and Savioke, Formant’s platform powers tens of thousands of field-deployed robots from leading companies such as Knightscope, Scythe, and Burro. Earlier this year, Format launched Theopolis, an AI language interface that enables non-technical users to interact directly with robot data and build visualizations inside Formant.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.