Formant raises $18M to help companies manage fleets of robots

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The robotics industry continues to grow as enterprises look to automate an increasing number of processes across their organizations. According to McKinsey, 88% of businesses plan to fold robotics automation into their infrastructure in the coming months. And companies based in North America ordered more than 31,000 robotics systems in 2020, bringing the industry's revenue to an estimated over $1.5 billion -- a testament to the segment's strength. There's a legitimate fear that robots could replace some of the work done by humans. A recent MIT study found that each robot added to the workforce has the effect of replacing 3.3 jobs, while Oxford Economics anticipates that robots will displace 20 million manufacturing jobs by 2030. On the other hand, robots could work -- and are working -- together with humans to solve complex problems.

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