Serve Robotics, a developer of autonomous sidewalk delivery robots, has raised another $30 million in financing, bringing the company’s total funds raised to over $56 million.
Concurrent with the raise of new capital and conversion of existing convertible notes, Serve also completed a reverse merger with Patricia Acquisition, a public Delaware corporation, whereby Serve became a wholly owned subsidiary of Patricia.
Following the transaction, Patricia changed its name to Serve Robotics and will continue the historic business of Serve.
The Financing was led by existing investors, including Uber, Nvidia, and Wavemaker Partners, with participation from new investors Mark Tompkins and Republic Deal Room.
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.
Uber Vice President of Delivery and Head of Americas, Sarfraz Maredia has joined the Company’s board, effective July 31, 2023.
This Financing enables Serve to enter new markets across the United States and further advance its industry-leading, 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.
Dr Ali Kashani, co-founder and CEO of Serve, says: “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.
“Serve’s delivery volume has grown over 30 percent 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.”