Formlogic: Redefining Rapid Manufacturing
Delivering mission-critical, high-quality parts using intelligent automation systems
Precision manufacturing — the production of versatile parts with rigid specifications — is a little-known but giant industry. Most precision parts are still made through manual labor, with 80% of a machinist’s time spent on adjustments, calibration, and monitoring. The delays and lack of precision that result from this manual supply chain can cost companies millions (and sometimes more).
Alumni Ventures portfolio company Formlogic is changing how precision parts are sourced and manufactured by separating engineering from physical labor. Through a combination of remote AI-based planning and autonomous production, the company has created software that performs the simulations needed to produce effectively, replacing the guess-and-check method usually done by a skilled worker. Click below to watch a video further describing Formlogic’s approach.
See video policy below.
Tapping into a Crucial Market
Formlogic’s software replaces the typical (and manual) trial-and-error process with simulation, leaving the critical decisions for remote specialists. The company’s software-generated manufacturing better leverages human expertise, and a RemoteShop console allows remote experts to plan production from anywhere in the world. The benefits of this approach have created significant early traction and growth for Formlogic, including:
- Secured purchase orders from ten leading customers in the medical, auto, and aerospace industries
- All machines currently operating at or near capacity
- Pursued enterprise customers with the capacity to each be worth ~$1 million a year in sales
Formlogic is disrupting the currently scale-constrained machine tool consumption market — valued at over $70 billion. With no players in the industry presently having more than 1.0% of the market share, Formlogic’s highly scalable innovative approach is well-positioned to tap into this large, fragmented market.
Team of Experts
Formlogic is led by a talented team with deep experience in AI and robotics. Founder and CEO Paul Sutter is a serial entrepreneur who sold his first company to AltaVista in 2000 and his second to Citrix in 2008. He also grew his previous company to $400 million in revenue, employing large teams of AI specialists.
Additionally, Formlogic CTO David Montague was a member of the technical staff at Palantir — using mathematical, statistical, and machine learning techniques to solve business problems across various industries. Other teammates are aerospace industry professionals — one of Formlogic’s early target markets — with deep insights and experience from their time at SpaceX.
How We Are Involved
Alumni Ventures 116 Street Ventures (for the Columbia community) and sibling funds Blue Ivy Ventures (for the Yale community), Triphammer Ventures (for the Cornell community), and Yard Ventures (for the Harvard community) deployed capital in Formlogic’s early-stage $20.4 million Series A. Part of AV’s allocation was also raised via Syndication.
The lead investor in this round, Two Sigma Ventures, is part of a $60 billion AUM hedge fund focusing on AI applications. They have invested in companies like Recursion ($4.9 billion valuation), Wealthsimple ($4 billion valuation), and Gitlab ($6 billion valuation).
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