Serve Robotics, the leading autonomous sidewalk delivery company, has successfully raised an impressive $30 million in financing. This latest funding round catapults the company’s total raised capital to $56 million.
Fund backers: The funding push was supported by a consortium of existing and fresh investors. Industry giants like Uber, renowned for its innovative mobility solutions, and Nvidia, a powerhouse in AI technology, reaffirmed their commitment to Serve. Other key backers included Wavemaker Partners, alongside newcomers Mark Tompkins and Republic Deal Room, with Montrose Capital Partners steering the transaction.
Dr. Ali Kashani, co-founder and CEO of Serve, said that the company was thrilled about the ongoing support from core strategic partners Uber and Nvidia. This will help bring sustainable, autonomous delivery to every doorstep in the next five years, he said.
“Serve’s delivery volume has grown over 30% month-over-month on average for the past 18 months. Becoming a public company provides broader access to capital, supporting our continued growth as we ramp up our partnership with the world’s largest food delivery platform and expand other enterprise partnerships,” he added.
One of the noteworthy outcomes of this transformative phase is the appointment of Sarfraz Maredia, Vice President of Delivery and Head of Americas at Uber, to Serve’s board. This development, effective from July 31, 2023, underscores the strategic alignment between the two entities and positions Serve for exponential growth.
Serve deploying 2,000 robots with Uber Eats
The financing opens up new avenues for Serve. The company is set to expand its footprint across the United States, entering fresh markets with its cutting-edge AI-powered mobility platform.
“The company will also begin scaling up its robotic fleet to meet massive and rapidly-increasing customer demand for last mile automation, including fulfilling its commercial agreement to deploy up to 2,000 robots with Uber Eats,” Serve said in its statement.
Merger: The financial triumph comes with a strategic merger. Serve has achieved a significant milestone by finalizing a reverse merger with Patricia Acquisition Corp. As a result of this merger, Serve has turned into a wholly owned subsidiary of Patricia, which subsequently rebranded as Serve Robotics.
With the merger and funding, Serve is set to revolutionize the delivery landscape while paving the way for a future driven by technology and sustainability.
