Venture Capital: Serve Robotics, The High-Growth Maker Of Delivery Robots, Scores $30M Fund Raise

Serve Robotics also executed a reverse merger with Patricia Acquisition Corp.,  thereby becoming a public company.

Serve Robotics Inc., the well-known autonomous sidewalk delivery company, has revealed a significant step in its growth strategy, announcing a successful financing round that secured $30 million in funds. This funding brings the total capital raised by Serve to more than $56 million since its inception in 2021.

The company’s strategic partners, including Uber Technologies (NYSE: UBER) and NVIDIA (NASDAQ: NVDA), have played a crucial role in this investment, affirming their commitment to supporting the deployment of AI-powered sidewalk delivery robots. Other key investors in this financing round included Wavemaker Partners, with additional participation from new investors like Mark Tompkins and Republic Deal Room.

In tandem with the financing, Serve Robotics executed a reverse merger with Patricia Acquisition Corp., transforming Serve into a wholly owned subsidiary of Patricia and leading to the renaming of Patricia as Serve Robotics Inc. This strategic move provides Serve Robotics with a public listing and access to increased capital resources for its expansion plans.

Serve Robotics plans to utilize these funds to expand into new markets across the United States and advance its AI-powered mobility platform. Furthermore, the company aims to scale up its fleet of robotic delivery systems to meet the rising demand for last-mile automation, particularly through its partnership with Uber Eats, where it is set to deploy up to 2,000 robots.

The company has witnessed impressive growth in its delivery volume, averaging over 30% monthly growth for the past 18 months. By becoming a public company, Serve anticipates a more accessible avenue for raising further capital, allowing it to enhance its partnership with Uber Eats and explore new enterprise collaborations.

Related Story:  A Spindly Farming Robot Scouts Farming Fields For Pests, Weeds, And Disease

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