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Serve Robotics Inc. (NASDAQ: SERV) is at the forefront of the autonomous delivery revolution, focusing on developing next-generation robots for last-mile delivery services. Founded in 2021 as a spin-off from Uber, Serve Robotics has quickly established itself as a leader in this burgeoning industry.
Serve Robotics' primary product is a zero-emission robot designed for public spaces, aiming to make deliveries more sustainable and economical. The company's advanced AI-robotics mobility platform underpins this innovation, which has already facilitated tens of thousands of deliveries for enterprise partners like Uber Eats and 7-Eleven.
The company recently announced the pricing of its public offering, raising $40 million with the participation of strategic partners such as Postmates, a subsidiary of Uber Technologies Inc. This capital injection will fund research and development, manufacturing activities, and geographic expansion.
Partnerships play a crucial role in Serve Robotics' strategy. A notable collaboration with Magna International Inc. has been established to accelerate robotics adoption in logistics, with Magna becoming the exclusive contract manufacturer of Serve's delivery robots. Additionally, Serve has integrated DriveU.auto's connectivity platform, enhancing the performance and resilience of its robotic fleet.
Serve Robotics' financial stability is bolstered by scalable multi-year contracts, including an agreement to deploy up to 2,000 robots on the Uber Eats platform across multiple U.S. markets. The company's stock began trading on the Nasdaq Capital Market under the symbol 鈥淪ERV鈥� on April 18, 2024, reflecting its growth and market potential.
For more information, visit or follow the company on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.
Serve Robotics (Nasdaq: SERV), an autonomous sidewalk delivery company, has announced a registered direct offering of 4,210,525 shares of common stock. The offering is expected to generate $80.0 million in gross proceeds before deducting placement agent fees and other expenses. The transaction is anticipated to close on January 7, 2025, subject to customary closing conditions.
The company plans to use the net proceeds for general corporate purposes, including working capital. Northland Capital Markets is serving as the exclusive placement agent. The offering is being conducted under an effective shelf registration statement on Form S-3, which was declared effective by the SEC on October 3, 2024.
Serve Robotics (SERV) has secured $86 million in new financing during December 2024, bringing its total fundraising in 2024 to $167 million. Since spinning out from Uber in 2021, the company has raised approximately $220 million in total funding.
The December funding was obtained through the company's ATM facility and warrant exercises. As of December 31, 2024, Serve had approximately 51.5 million shares of common stock outstanding. This capital infusion extends the company's operational runway through the end of 2026 and enables self-funding of equipment investments, eliminating the need for equipment financing and associated costs.
The funding will support strategic initiatives and technology advancement as Serve prepares to ramp up production of its third-generation robots and expand into new markets in 2025 and beyond.
Serve Robotics (Nasdaq: SERV) has appointed Lily Sarafan to its Board of Directors. Sarafan brings nearly 20 years of experience in entrepreneurship, executive leadership, and board governance. She is the co-founder and former CEO of TheKey, a major in-home care provider network, where she currently serves as executive chair. She also holds board positions at Instacart, Thumbtack, Kyo, and Stanford University.
Sarafan's accolades include EY Entrepreneur of the Year, Fortune 40 Under 40, and Women Health Care Executives' Woman of the Year. She holds degrees from Stanford University in Management Science and Engineering, and Science, Technology, and Society. Board Chairman Ali Kashani highlighted her expertise in home services and on-demand delivery as valuable assets for Serve's market expansion and automation future.
Serve Robotics (Nasdaq: SERV) has appointed Anthony Armenta as Chief Software and Data Officer. In this newly created role, Armenta will lead the development of Serve's software, AI, and autonomy stack to enhance robot reliability, performance, and nationwide scalability. Armenta previously worked at Serve as VP of Software Engineering at Postmates before the company's spin-off from Uber. He brings over 30 years of experience, including roles as CTO at GM BrightDrop, VP of Software Engineering at Anki Robotics, and SVP of Engineering at Wyse Technologies.
Serve Robotics (NASDAQ: SERV) reported Q3 2024 financial results, highlighting significant operational progress. The company completed $32.3 million in capital raises, ending Q3 with $50.9 million in cash and zero debt. Revenue reached $0.22 million, including $0.04 million from software services. Operational metrics showed strong growth with 465 daily supply hours, up 108% year-over-year. The company announced expansion into Dallas Fort Worth and plans to acquire Vebu's Autocado robot technology. Serve remains ahead of schedule in its agreement with Uber Eats to deploy 2,000 robots by end of 2025.
Serve Robotics (Nasdaq: SERV) announced its agreement to acquire the assets of Vebu, a leader in full-stack automation for the restaurant industry. This all-stock transaction, with undisclosed financial terms, aims to enhance Serve's offerings by integrating Vebu's kitchen automation solutions, including the Autocado robot, which automates avocado processing. Vebu's founder, Buck Jordan, will join Serve as SVP of Kitchen Automation. This acquisition is expected to unlock key synergies, expand Serve's market opportunities, and strengthen partnerships with major restaurant chains like Chipotle.
Serve Robotics (Nasdaq: SERV), an autonomous sidewalk delivery company, will release its Q3 2024 financial results on November 7, 2024, after U.S. markets close. Management will host a conference call and webcast at 2:00 p.m. PT / 5:00 p.m. ET on the same day. Investors can access the webcast through the company's investor relations website and join the conference call by dialing 1 (800) 715-9871 with conference ID#: 3511636. Questions for management must be submitted via email to investor.relations@serverobotics.com by November 5, 2024, at 1:00 p.m. PT.
Serve Robotics Inc. (Nasdaq: SERV) has unveiled its third-generation autonomous delivery robot, designed for national scaling. The new model offers enhanced capabilities at reduced manufacturing costs, with 2,000 units set for deployment in 2025 on the Uber Eats platform across multiple U.S. markets.
Key improvements include:
- Doubled speed and travel distance on a single charge
- 6 more hours of field operation daily
- 5x more on-board computing power
- 15% larger cargo capacity
- Enhanced weather resistance and smoother ride
- 40% quicker emergency braking
These advancements support Serve's commitment to safety and efficiency in sidewalk delivery. The company plans to deploy the new robots in Los Angeles and a new metro market in the coming months.
Serve Robotics (Nasdaq: SERV) and Wing Aviation have announced a pilot partnership to expand autonomous food delivery. The collaboration combines Serve's sidewalk robots with Wing's drones to offer a novel solution for last-mile delivery. Serve robots will pick up orders from restaurants and deliver them to Wing drone AutoLoaders, enabling deliveries up to 6 miles away.
This robot-to-drone system allows merchants to access drone delivery without facility changes and extends the delivery radius for sidewalk robots. The partnership aims to make automated delivery the preferred mode for small package deliveries. Benefits include faster deliveries, cost efficiency, environmental consciousness, improved safety, and convenience for merchants. The pilot program is set to launch in the coming months, potentially revolutionizing the food delivery industry.
Serve Robotics (Nasdaq: SERV), a leader in autonomous sidewalk delivery, has announced its participation in the H.C. Wainwright's Annual Global Investment Conference. The company's management will deliver a presentation and participate in a fireside chat interview on Monday, September 9, 2024, from 10:00 a.m. to 10:30 a.m. Eastern Time in New York, NY.
Investors and interested parties can access the live presentation through Serve Robotics' IR website. A webcast replay will be available for 90 days following the event, providing an opportunity for those unable to attend live to catch up on the company's latest developments and strategies.
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