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Formic democratizing rental robotics amid industry growth concerns

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Summary
Nutrition label

77% Informative

Formic has established itself as a provider of automation for smaller businesses with its robots-as-a-service rental program.

Formic’s main customers include over 120 small to medium-size factories across the U.S. Formic CEO Saman Farid said customers can treat Formic as a kind of “robot staffing agency”.

Eighty percent of robots in America today are sold to the automotive sector.

Farid cited market saturation among the largest companies as the main reason robotics as a whole has slowed in growth.

The smaller companies are where the “untapped demand” is, Farid said.

VR Score

77

Informative language

72

Neutral language

70

Article tone

informal

Language

English

Language complexity

48

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

medium-lived

Source diversity

1

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