Serve Robotics Inc., which provides autonomous sidewalk delivery robots, has raised $40 million through a stock sale, the San Francisco startup said Monday.
The offering included the participation of one of Serve's largest stockholders and strategic partners, Postmates LLC, a wholly-owned subsidiary of Uber Technologies Inc. Following the deal, Serve's stock is now listed on the Nasdaq Capital Market under the symbol "SERV," which will replace its previous listing of "SBOT" on the OTCQB Venture Market.
Serve plans to use the proceeds from the offering to fund research and development of the next generations of its robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes.
Spun off from Uber in 2021 as an independent company, Serve today is backed by Uber and the chipmaker NVIDIA. The firm says its low-emissions sidewalk delivery robots have completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. The company also has agreed to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.
