Serve Robotics, a developer of autonomous delivery robots spun out of Uber, announced terms for its IPO on Tuesday.
The Redwood City, CA-based company plans to raise $40 million by offering 8.9 million shares at $4.50, the April 5 close of its shares on the OTC (SBOT). At the proposed price, Serve Robotics would command a fully diluted market value of $181 million.
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.
Serve Robotics 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.
