Serve Robotics, Inc., a pioneer in autonomous sidewalk delivery, has confirmed the procurement of $30 million in financing. This new influx takes the total capital amassed by Serve to an impressive $56 million since its inception in 2021. Alongside this financing boost, Serve has executed a reverse merger with Patricia Acquisition Corp. (“Patricia”), a recognized public Delaware entity. Upon finalization of this merger, Patricia was rebranded to Serve Robotics, Inc., ensuring the continuation of Serve’s legacy operations.
Why It Matters
This decisive move signifies a significant milestone for Serve Robotics, positioning it at the forefront of AI-powered, autonomous delivery solutions. Backed by stalwarts like Uber and NVIDIA, the firm’s commitment to innovation and large-scale robot deployment stands solidified.
Key Points
- Major investors backing the financing round encompass industry giants such as Uber, NVIDIA, and Wavemaker Partners. New investors like Mark Tompkins and Republic Deal Room have also stepped in.
- Montrose Capital Partners sponsored the transaction while Network 1 Financial Securities (with Intuitive Venture Partners’ consultation) and Aegis Capital Corp functioned as co-placement agents.
- As of July 31, 2023, Sarfraz Maredia, Uber’s Vice President of Delivery and Head of Americas, has joined Serve’s board.
- The fresh capital propels Serve to break ground in novel US markets, amplifying its pioneering AI-driven mobility solutions.
- An aggressive scaling of its robot fleet aims to quench the surging consumer appetite for last-mile automated solutions, mainly through a commercial pact to deploy approximately 2,000 robots for Uber Eats.
Bottom Line
Dr. Ali Kashani, the Co-founder and CEO of Serve, expressed immense satisfaction with Uber and NVIDIA’s unwavering support. Kashani stated, “Serve’s consistent growth over the past year and a half, reflected in a 30% month-over-month delivery volume surge, showcases the market’s trust in us. Transitioning to a public entity paves the way for greater capital access, bolstering our ambitious growth trajectory. Our vision is clear – to redefine autonomous delivery in collaboration with global food delivery behemoths and further our enterprise alliances.” It’s pivotal to note that the securities involved in this transition, while unregistered under the Securities Act of 1933, are bound by pertinent registration prerequisites.
