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Serve Robotics cell robots maneuver on the sidewalk to make native deliveries. | Credit score: Serve Robotics
Serve Robotics Inc. went public on the Nasdaq yesterday beneath the image “SERV,” opening at $4.75 and shutting the day at $3.11. It mentioned it anticipated its preliminary public providing of 10 million shares of frequent inventory to generate $40 million in gross proceeds, earlier than underwriting reductions and providing bills.
“Serve’s transition to a publicly traded entity marks an essential second within the robotics panorama, showcasing our function as one of many first to commercially deploy AI-powered robots in city settings,” acknowledged Dr. Ali Kashani, Serve’s co-founder and CEO. “With the backing of strategic companions, together with Uber and NVIDIA, we consider Serve is on the forefront of delivering sustainable last-mile automation at an unprecedented scale.”
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Serve Robotics continues partnership with Uber Eats
Serve Robotics builds and maintains its fleet of robots for patrons as a robotics-as-a-service (RaaS) enterprise. The Redwood Metropolis, Calif.-based firm at present has about 100 robots in its fleet and plans to broaden that fleet.
In 2021, Serve Robotics spun out of Uber, and it has maintained an working contract with Uber Eats for native supply in choose areas. Different large clients have included Walmart and 7-Eleven.
“Our entry into the general public markets will gas our plans to roll out as much as 2,000 robots on the Uber Eats platform in a number of U.S. markets beneath our current agreements,” Kashani mentioned. “We stay up for executing on our marketing strategy and to our progress as a public entity.”
Serve mentioned that with the newest funding spherical, it’s going to ship with Uber Eats in new cities together with Vancouver, San Diego, and Dallas. As well as, it plans to rent further assets to function the fleets within the new cities.
In February 2024, Serve entered right into a strategic partnership with Magna New Mobility USA, Inc., a subsidiary of Magna Worldwide Inc., beneath which Serve grants Magna a non-exclusive license to its expertise in assist of Magna’s autonomous cell robotic (AMR) tasks.
Nasdaq itemizing completes another public providing
Serve’s largest stakeholder and strategic accomplice, Postmates LLC, a wholly-owned subsidiary of Uber Applied sciences Inc., participated within the providing.
Serve was beforehand listed on the OTCQB Enterprise Market beneath the ticker image “SBOT” and can not commerce on that market. Nevertheless, this was all a part of a multi-stage various public providing (APO) that began in August 2023, when Serve Robotics raised $30M by a reverse merger with Patricia Acquisition Corp. Serve turned an entirely owned subsidiary of Patricia.
The OTCQB providing interval was an interim step required for the APO course of. APOs can take anyplace from three to 6 months to finish.
With the general public providing, the firm has raised a complete of $93 million in funding over six rounds, in keeping with Crunchbase.
Competitor Starship Applied sciences raised $90 million in a funding spherical in February. The marketplace for supply robots is dynamic, together with different firms which have developed and deployed outside supply robots together with Cartken and Ottonomy.
Serve Robotics mentioned it intends to make use of the web proceeds from its IPO for analysis and improvement of future iterations of its robots, manufacturing operations, progress into new areas, working capital, and different common firm wants.