Serve Robotics Secures $86 Million In New Financing
(MENAFN- Robotics & automation News) Serve Robotics secures $86 million in new financing
January 6, 2025 by Mark Allinson
Serve Robotics , an autonomous delivery company, has raised gross proceeds of $86 million during December 2024, bringing total gross proceeds raised in 2024 to $167 million.
Since its spinout from Uber in 2021, the Company has secured approximately $220 million in total funding. The additional December 2024 funding includes proceeds raised through Serve's previously filed ATM facility and the exercise of warrants. As of December 31, 2024, Serve had a total of approximately 51.5 million shares of common stock issued and outstanding.
This infusion of capital significantly strengthens Serve's financial position, extending its expected operational runway approximately through the end of 2026. Serve is now able to self-fund 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.
The successful fundraising in 2024 underscores Serve's position as a leader in transforming last-mile delivery, as the Company aims to ramp up production of its third-generation robots and prepares to enter several new markets.
Brian Read, chief financial officer of Serve Robotics, says:“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 was spun off from Uber in 2021 as an independent company. 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 delivery robots on the Uber Eats platform across multiple US markets.
MENAFN06012025005532012229ID1109060172
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.