Serve Robotics a autonomous delivery company, raised $86M funding

Serve Robotics, a leading autonomous sidewalk delivery company, announced it has raised $86 million in new funding during December 2024. This round brings the company’s total capital raised in 2024 to $167 million and around $220 million since it was spun out as an independent company in 2021.

Funding Details and Strategic Implications

The December funding was achieved with the help of Serve’s outstanding At-The-Market (ATM) facility and the exercised warrants. For the record, as of 31 December, 2024, the issued common stock equaled about 51.5 million shares of common stock.

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This substantial capital infusion will meaningfully strengthen Serve’s balance sheet, thereby extending its operational runway through the end of 2026. Serve intends to self-finance equipment investments using this funding, thereby eliminating the immediate need for external equipment financing and associated servicing costs. 

This strategy preserves balance sheet flexibility and optimizes the company’s cost of capital, positioning Serve to effectively support strategic initiatives and invest in advancing its technological leadership. GLOBENEWSWIRE

Company Overview and Technological Advancements

Serve Robotics was founded in 2021 as a spinout from Uber. It has become a leading company in the autonomous delivery space. The company designs advanced, AI-powered, low-emission sidewalk delivery robots to make deliveries more sustainable and economical. 

Serve has completed tens of thousands of deliveries for enterprise partners, including Uber Eats and 7-Eleven, to date. Serve has inked scalable multi-year deals, including a pact to deploy as many as 2,000 delivery robots across several U.S. markets on the Uber Eats platform. 

The firm is ramping up production for its third generation of robots, equipped with more robust AI and a streamlined process that can further entrench Serve in this fiercely competitive autonomous delivery space.

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The autonomous delivery market is growing fast, with more and more consumers demanding quick, contactless delivery options. Serve Robotics is well-positioned to take advantage of this trend as it expands into several new markets in 2025 and beyond. The strengthened financial position of the company will facilitate scaling operations and entering new markets as demand for efficient last-mile delivery solutions grows.

Brian Read, Chief Financial Officer of Serve Robotics, said, “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.

Summary

The successful fundraising of Serve Robotics in 2024 further cements its position as a leader in the transformation of last-mile delivery through autonomous solutions. With a strong financial base, the company is well positioned to accelerate the deployment of its innovative delivery robots, expand into new markets, and continue to advance its technology to meet the evolving needs of the delivery ecosystem.