Serve Robotics Inc. Secures $86 Million in New Financing to Enhance Last-Mile Delivery Capabilities

Serve Robotics Inc., a prominent autonomous delivery company listed on the Nasdaq under the symbol SERV, has recently announced securing $86 million in new financing in December 2024. This financing round has further solidified the company’s liquidity position to propel its transformative endeavors in last-mile delivery services.

The total gross proceeds raised by Serve Robotics in 2024 reached $167 million, bringing the total funding received since its spinout from Uber in 2021 to approximately $220 million. The financing in December 2024 encompassed proceeds obtained through Serve’s previously disclosed ATM facility as well as the exercise of warrants. As of December 31, 2024, the company had around 51.5 million shares of common stock issued and outstanding.

This substantial infusion of capital significantly fortifies Serve’s financial standing and extends its expected operational runway until the end of 2026. With this enhanced financial position, the company aims to self-fund equipment investments, eliminating the immediate requirement for equipment financing and related servicing costs. By maintaining balance sheet flexibility and optimizing its cost of capital with cost-effective funding solutions, Serve Robotics is well-positioned to support strategic initiatives and enhance its position as a technology leader.

The successful fundraising activities throughout 2024 underscore Serve’s leadership in revolutionizing last-mile delivery solutions, as the company gears up to scale production of its third-generation robots and prepare for entry into multiple new markets.

Brian Read, the Chief Financial Officer of Serve Robotics, expressed confidence in the company’s vision and market potential, stating, “This liquidity position reflects strong confidence in our vision and market potential. Looking ahead, we believe we are well-positioned to continue to scale our operations and enter new markets in 2025 and beyond.”

Serve Robotics, known for developing advanced, AI-powered, low-emission sidewalk delivery robots, aims to establish sustainable and cost-effective delivery solutions. Originally spun off from Uber in 2021, Serve has completed a significant number of deliveries for esteemed partners such as Uber Eats and 7-Eleven. The company holds scalable multi-year contracts, including an agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across diverse U.S. markets.

For those seeking more information about Serve Robotics (Nasdaq: SERV), detailed insights can be found on the company’s website at www.serverobotics.com or by following their social media channels on Twitter, Instagram, or LinkedIn @serverobotics.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Serve Robotics’s 8K filing here.

About Serve Robotics

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.