Serve Robotics, a developer of autonomous delivery robots spun out of Uber, filed on Monday with the SEC to raise up to $46 million in an initial public offering. The company is currently listed on the OTC under the symbol "SBOT."
Originally founded as a unit within food delivery company Postmates, Serve Robotics is developing an AI-powered robotics mobility platform, with last-mile delivery in cities as its first application. The company launched a fleet of sidewalk delivery robots in Los Angeles in 2020, which successfully completed over 10,000 commercial deliveries for Postmates by the end of that year. Postmates was acquired by Uber in 2020, and Serve spun off of Uber in 2021, after which it established a commercial partnership with the ridesharing company. Serve's current fleet consists of over 100 robots, and it has platform-level integrations with Uber Eats and 7-Eleven. The company has generated minimal revenues to date.
The Redwood City, CA-based company was founded in 2017 and plans to list on the Nasdaq under the symbol SERV. Aegis Capital Corp. is the sole bookrunner on the deal. No pricing terms were disclosed.
