Serve Robotics Inc. today said it secured $86 million in December, bringing its total gross proceeds raised in 2024 to $167 million. The Redwood City, Calif.-based autonomous delivery company said it now has enough financial runway through the end of 2026.
“This liquidity position reflects strong confidence in our vision and market potential,” stated Brian Read, chief financial officer of Serve Robotics. “Looking ahead, we believe we are well-positioned to continue to scale our operations and enter new markets in 2025 and beyond.”
Spun off from Uber Technologies Inc. in 2021, Serve Robotics has developed low-emissions, artificial intelligence-powered robots with the goal of making sidewalk delivery economical and sustainable. The startup said it has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven.
Serve has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 last-mile delivery robots on the Uber Eats platform across multiple U.S. markets. It recently partnered with Alphabet Inc.’s Wing Aviation LLC unit on a pilot combining ground robots with aerial drones for last-mile deliveries.
Serve Robotics has raised $220M to date
Since its spinout from Uber, Serve Robotics said it has raised $220 million in total funding, including $13 million in 2021, $30 million in a 2023 reverse merger, and a $40 million initial public offering in early 2024.
The additional December 2024 funding includes proceeds raised through the company’s previously filed ATM facility and the exercise of warrants. As of Dec. 31, Serve had a total of approximately 51.5 million shares of common stock issued and outstanding.
The infusion of capital enables it to pay for its own equipment investments, eliminating the near-term need for equipment financing and its associated servicing costs. “By preserving balance-sheet flexibility and optimizing its cost of capital with efficient, lower-cost funding solutions, the company is well-positioned to support strategic initiatives and invest in further advancing its technology leadership,” said Serve.
Content retrieved from: https://www.therobotreport.com/serve-robotics-raises-86m-for-last-mile-delivery-expansion/.
