Serve Robotics, a San Francisco, CA-based autonomous sidewalk delivery company, raised $30M in funding.
The round, which brought the total amount to $56M, was led by existing investors Uber Technologies, NVIDIA (NASDAQ: NVDA), and Wavemaker Partners, with participation from new investors Mark Tompkins and Republic Deal Room. Uber Vice President of Delivery and Head of Americas, Sarfraz Maredia joined Serve’s board, effective July 31, 2023.
The company intends to use the funds to support deployment of up to 2,000 new AI-powered sidewalk delivery robots, enter new markets across the United States and further advance its mobility platform.
Led by CEO Dr. Ali Kashani, Serve designs, develops and operates zero-emissions robots that serve people in public spaces, starting with food delivery. Founded in 2017 as the robotics division of Postmates, the company set out to build a robotic delivery experience for customers, and merchants, and reduces vehicle emissions to zero and spun off from Postmates as an independent company in February 2021. Its self-driving robots have completed tens of thousands of contactless deliveries in Los Angeles and San Francisco.
Concurrent with the raise of new capital and conversion of existing convertible notes, Serve also completed a reverse merger with Patricia Acquisition Corp., a public Delaware corporation, whereby Serve became a wholly owned subsidiary of Patricia. Following the transaction, Patricia changed its name to Serve Robotics, Inc. and will continue the historic business of Serve.
FinSMEs
10/08/2023