{"id":578762,"date":"2024-04-19T09:24:31","date_gmt":"2024-04-19T13:24:31","guid":{"rendered":"https:\/\/www.therobotreport.com\/?p=578762"},"modified":"2024-04-19T09:36:03","modified_gmt":"2024-04-19T13:36:03","slug":"serve-robotics-raises-40m-with-ipo-to-expand-uber-eats-deliveries","status":"publish","type":"post","link":"https:\/\/www.therobotreport.com\/serve-robotics-raises-40m-with-ipo-to-expand-uber-eats-deliveries\/","title":{"rendered":"Serve Robotics raises $40M with IPO to expand Uber Eats deliveries"},"content":{"rendered":"
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Serve Robotics mobile robots maneuver on the sidewalk to make local deliveries. | Credit: Serve Robotics<\/p><\/div>\n

Serve Robotics Inc. went public on the Nasdaq yesterday under the symbol “SERV,” opening at $4.75 and closing the day at $3.11. It said it expected its initial public offering of 10 million shares of common stock to generate $40 million in gross proceeds, before underwriting discounts and offering expenses.<\/p>\n

“Serve’s transition to a publicly traded entity marks an important moment in the robotics landscape, showcasing our role as one of the first to commercially deploy AI-powered robots in urban settings,” stated<\/a> Dr. Ali Kashani<\/span>, Serve’s co-founder and CEO. “With the backing of strategic partners, including Uber<\/span> and NVIDIA<\/span><\/a>, we believe Serve is at the forefront of delivering sustainable last-mile automation at an unprecedented scale.”<\/p>\n

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\"SITELearn from Agility Robotics, Amazon, Disney, Teradyne and many more.<\/a><\/p>\r\n\r\n\r\n

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Serve Robotics continues partnership with Uber Eats<\/h2>\n

Serve Robotics builds and maintains its fleet of robots for customers as a robotics-as-a-service (RaaS)<\/a> business. The Redwood City, Calif.-based company<\/a> currently has about 100 robots in its fleet and plans to expand that fleet. <\/p>\n

In 2021, Serve Robotics spun out of Uber, and it has maintained an operating contract<\/a> with Uber Eats for local delivery in select locations.  Other big customers have included Walmart<\/a> and 7-Eleven.<\/p>\n

“Our entry into the public markets will fuel our plans to roll out up to 2,000 robots<\/a> on the Uber Eats<\/span> platform in multiple U.S.<\/span> markets under our existing agreements,” Kashani said<\/span>. “We look forward to executing on our business plan and to our growth as a public entity.”<\/p>\n

Serve said that with the latest funding round, it will deliver with Uber Eats in new cities including Vancouver, San Diego, and Dallas. In addition, it plans to hire additional resources to operate the fleets in the new cities.<\/p>\n

In February 2024, Serve entered into a strategic partnership with Magna New Mobility USA, Inc.<\/a>, a subsidiary of Magna International Inc., under which Serve grants Magna a non-exclusive license to its technology in support of Magna’s autonomous mobile robot (AMR<\/a>) projects.<\/p>\n