Serve Robotics, a developer of autonomous delivery robots spun out of Uber, raised $40 million by offering 10 million shares at $4, below the last close of its shares on the OTC ($5.30). The company offered 1.1 million more shares than anticipated. Existing shareholder Postmates agreed to purchase 1.1 million shares in the offering (11% of the deal).
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 plans to list on the Nasdaq under the symbol SERV. Aegis Capital Corp. acted as sole bookrunner on the deal.
