Serve Robotics Inc. today announced that it has raised $30 million in capital and conversion of existing convertible notes. The San Francisco-based robotic delivery company has also completed a reverse merger with Patricia Acquisition Corp. that will take it public.
Founded in 2017 as the robotics division of Postmates, Serve Robotics has developed zero-emissions robots to serve people in public spaces, starting with food delivery. The startup claimed that its SAE Level 4 self-driving robots, which use Ouster lidars, have completed tens of thousands of contactless deliveries in Los Angeles and San Francisco.
Spun out as an independent company in 2021, Serve has established several commercial partnerships, including with Piestro, Uber Eats, and Pizza Hut. Robotics 24/7 named Serve Robotics as one of “10 Delivery Robot Companies to Watch in 2022.”
Serve orders up funding, new owner
Serve Robotics said it has raised a total of more than $56 million to date. Existing investors, including Uber Technologies Inc., NVIDIA Corp., and Wavemaker Partners, led the funding. New investors Mark Tompkins and Republic Deal Room also participated.
Sarfraz Maredia, vice president of delivery and head of Americas at Uber, has joined Serve’s board, effective July 31.
The transaction was sponsored by Montrose Capital Partners. Network 1 Financial Securities (as consulted by Intuitive Venture Partners) and Aegis Capital Corp served as co-placement agents.
In its reverse merger with Patricia Acquisition Corp., Serve became a wholly owned subsidiary. Patricia changed its name to Serve Robotics Inc. and said it will continue the historic business of Serve.
Robotic delivery volume growing
Serve Robotics said it will use its latest financing to further advance its artificial intelligence-powered mobility platform and enter new markets across the U.S. The company also plans to scale up its fleet to meet growing demand for last-mile automation and to fulfill its agreement to deploy up to 2,000 sidewalk robots with Uber Eats.
“We’re thrilled that our core strategic partners Uber and NVIDIA continue to back Serve as we work to bring sustainable, autonomous delivery to every doorstep in the next five years,” stated Dr. Ali Kashani, co-founder and CEO of Serve, in a release.
“Serve’s delivery volume has grown over 30% month over month on average for the past 18 months,” he said. “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.”
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