Serve Robotics, the autonomous sidewalk delivery robot company, announced on Aug. 10, 2023, that it has gone public via a reverse merger with a blank check company. The company raised $30 million in a funding round led by existing investors Uber, Nvidia and Wavemaker Partners. New investors Mark Tompkins and Republic Deal Room also participated.
The merger with Patricia Acquisition Corp. closed this month, according to regulatory filings. Serve Robotics is now a publicly traded company on the NASDAQ stock exchange under the ticker symbol “SRVR”
With the new funding, Serve Robotics plans to deploy up to 2,000 robots in cities across the United States. The company currently operates a fleet of robots in Los Angeles and plans to expand to San Francisco, New York City and other major cities in the coming months.
Serve Robotics’ robots are designed to deliver food, groceries, and other goods to customers on sidewalks. Customers can order food from participating restaurants through the Uber Eats app and choose to have their order delivered by Serve. Once the order is ready, a Serve robot picks it up from the restaurant and drives to the customer’s location. The customer receives a notification when the robot arrives, and can unlock the cargo compartment using their phone. The customer can also track Serve’s location and status in real time using the app. The robots are equipped with sensors and cameras that allow them to safely navigate around pedestrians and obstacles. The robots are also connected to a cloud-based system that allows Serve Robotics to monitor their progress and intervene when necessary.
The company’s CEO, Ali Kashani, said the IPO will enable Serve Robotics to accelerate its growth and expand its operations. “We are excited to become a publicly traded company and to have the support of our investors to continue to lead in the development of autonomous delivery robots,” Kashani said.
Serve Robotics is well positioned to capitalize on this growth, as it is one of the leading companies in the field of autonomous delivery robots. The company’s plans to deploy 2,000 robots in cities across the United States will help make autonomous delivery a viable option for businesses and consumers.