Mitsubishi HC Capital, along with its U.S.-based group company Mitsubishi HC Capital America, has signed a joint commercial agreement with Formic, a robots-as-a-service (RaaS) provider. The agreement allows the two companies to strategically align their efforts in the growing RaaS sector, which is projected to grow at a CAGR of 17.4% through 2028 to more than $4 billion.

“Automation can help small- and mid-size manufacturers address labor shortages, control costs, improve safety and drive growth. However, financing is often a barrier to adoption,” Jim Freund, president of vendor solutions at Mitsubishi HC Capital America, said. “With Formic’s innovative solution and our ability to finance it, businesses can rethink their entire manufacturing model, from their human capital needs to equipment requirements.”

Furthermore, Mitsubishi HC Capital America has made a strategic investment in Formic through the parent company’s new innovation investment fund. The purpose of the fund is to promote the creation of new services and the development of new businesses through open innovation in an effort to realize the company’s 10-year vision: ‘Together we innovate, challenge and explore the frontiers of the future.”

“Working with Mitsubishi HC Capital America and receiving a strategic investment represents the best combination of manufacturing proficiency and commercial acceleration,” Saman Farid, CEO of Formic, said. “Businesses need to be agile and innovative. Automation is quickly becoming a necessity and this partnership allows all U.S. manufacturers to benefit from our forward-thinking services, as well as Mitsubishi HC Capital’s long-standing financing expertise.”