Serve Robotics could bring in up to $100M from stock sale - The Robot Report

Serve Robotics, a Redwood City-based developer of sidewalk delivery robots spun off from Uber in 2021, has agreed to sell 6.25 million shares of common stock, potentially raising up to $100 million before fees. The company plans to use the proceeds for general corporate purposes, including working capital. Serve Robotics has deployed delivery robots in cities such as Los Angeles, Miami, Dallas, Atlanta, and recently expanded to Chicago with Uber Eats. It has completed over 100,000 deliveries and aims to deploy up to 2,000 robots on the Uber Eats platform across multiple U.S. markets by the end of the year. Additionally, Serve announced a multi-year strategic partnership with DoorDash to roll out delivery robots nationwide, with robots already delivering orders in Los Angeles. The company has strengthened its technology through acquisitions, including Phantom Auto Inc. and its subsidiary Voysys AB, which specialize in ultra-low-latency video streaming and teleoperation technology, acquired for about $5.75 million.