Mitsubishi Electric, ME Innovation Fund Invests in Formic Technologies Inc. [Yahoo! Finance]
MITSUBISHI ELEC UNSP/ADR (MIELY)
NASDAQ:AMEX Investor Relations:
mitsubishielectric.com/company/ir/index.html
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Source: Yahoo! Finance
TOKYO, October 22, 2024 BUSINESS WIRE Mitsubishi Electric Corporation (TOKYO: 6503) announced today that its ME Innovation Fund has invested in Formic Technologies Inc., a U.S.-based startup company that designs, develops, and maintains industrial robots, offered through a subscription-based sales model. This is the eighth investment that the fund has made to date. In the manufacturing and logistics sectors, efforts to automate processes in response to labor shortages are rapidly advancing, leading to increased demand for industrial robots. However, the high up-front costs associated with deploying robots and the challenge of finding and training skilled workers have become major obstacles for many companies. Formic Technologies addresses these issues by offering a comprehensive range of services that include the deployment, installation and maintenance of automation systems using industrial robots for tasks such as palletizing and packaging. Utilizing proprietary software, Formi
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