Formic Raised $26.5M, BlockFills Grows, and More Chicago Tech News

Here’s what you may have missed in the world of Chicago tech.
Written by Delilah Alvarado
January 24, 2022Updated: January 25, 2022
Photo: Formic / Facebook
Photo: Formic / Facebook

All eyes are on these Chicago tech companies after last week’s funding announcements. Keep reading to find out what you might have missed and which companies are currently hiring. This is the Built In Chicago weekly refresh. 

Formic raised $26.5M. The Series A round was led by Lux Capital and brings Formic’s valuation over $100 million. Launched 15 months ago, Formic provides American manufacturers with robotic solutions at a reduced cost by offering a pay-by-the-hour model. The funding will help accelerate the company’s mission of providing easy and inexpensive automation. Formic also plans to expand into new regions and triple its team. [Formic]

CHICAGO TECH QUOTE OF THE WEEK

“There is a large and attractive opportunity in this [small- and medium-sized business] space for professional services automation. It’s a multibillion-dollar market, and BigTime is a clear leader with the right combination of technology, talent and brand trust to capture that opportunity, especially as these firms rapidly shift toward virtual and hybrid workplace models.” — Rachel Arnold, a senior managing director at Vista Equity Partners

BigTime got $100M. The $100 million strategic growth investment comes from Vista Equity Partners’ Endeavor Fund. BigTime provides software and management tools for professional service firms allowing them to easily track and manage their time. The recent funding will go toward product development as well as hiring for its Chicago and Phoenix locations. [Built In Chicago]

BlockFills gained $37M. BlockFills is a fintech firm that focuses on digital asset trading on a global scale. The company also provides software-as-a-service (SaaS) solutions to make digital asset trading easier. BlockFills raised $37 million in a Series A round led by several institutional investors. The investment will help the company expand globally, grow new verticals and evolve its technology platforms. [Business Wire]

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