Uber and Nvidia Among Investors in Serve Robotics
Serve Robotics, the autonomous sidewalk delivery robot startup, has announced its public listing through a reverse merger with Patricia Acquisition Corp. The company recently completed the merger, following a successful funding round that raised $30 million.
High-Profile Investors Back Serve Robotics
Leading the funding round were existing investors Uber, Nvidia, and Wavemaker Partners. With this round, Serve Robotics has now raised a total of $56 million. Uber holds a 16.2% stake in the company, while Nvidia holds an 11% stake.
From Postmates X to Serve Robotics
Serve Robotics began as Postmates X, the robotics division of on-demand delivery company Postmates. In 2018, the startup launched autonomous sidewalk robots to deliver to Postmates customers in various Los Angeles neighborhoods. In 2020, Serve Robotics became an independent company, three months after Postmates was acquired by Uber for $2.65 billion.
New Funding to Expand and Improve
The merger and additional financing will allow Serve Robotics to enter new markets and advance its technology. The startup also plans to scale up its current fleet of 100 delivery robots. Under a commercial agreement with Uber, Serve Robotics will deploy up to 2,000 robots for Uber Eats.
Experienced Leadership Drives Serve Robotics
Sarfraz Maredia, Uber’s Vice President of Delivery and Head of its Americas region, has joined Serve’s board, bringing valuable industry expertise. Ali Kashani, former leader of Postmates X, is now the co-founder and CEO of Serve Robotics. Kashani believes the company is well-positioned for growth, as delivery volume has consistently increased by over 30% month-over-month for the past year and a half.
A Bright Future for Serve Robotics
Serve Robotics is capitalizing on the booming demand for autonomous delivery services. With the support of major investors and experienced leadership, the company aims to revolutionize the last-mile delivery industry and expand its presence in new markets.