Serve Robotics today announced raising $30 million in financing, bringing 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 and will trade on the Nasdaq.
Serve is an autonomous sidewalk delivery company. The new funding will support deployment of up to 2,000 new AI-powered sidewalk delivery robots with Uber Eats.
Upon closing, Uber held a 16.2% stake and Nvidia an 11% stake in Serve, according to regulatory filings. Sarfraz Maredia, Uber’s vice president of delivery and head of its Americas region, joined Serve’s board.
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 served as co-placement agents. Read more.
