Serve Robotics, Inc. has raised $30 million in financing for its autonomous delivery solution, bringing the company’s total funds raised to over $56 million since 2021.
In addition, it announced it has completed a reverse merger with Patricia Acquisition Corp to become a wholly owned subsidiary of Patricia. Following the transaction, Patricia changed its name to Serve Robotics, Inc.
The financing was led by existing investors, including Uber, NVIDIA and Wavemaker Partners, with participation from new investors Mark Tompkins and Republic Deal Room.
It will enable Serve to enter new markets across the United States and further advance its AI-powered mobility platform. The company said it will begin scaling up its robotic fleet to meet rapidly-increasing customer demand for last mile automation, including fulfilling its commercial agreement to deploy up to 2,000 robots with Uber Eats.
Speaking on the announcement, Dr. Ali Kashani, Co-founder and CEO of Serve said: “We’re thrilled that our core strategic partners Uber and NVIDIA continue to back Serve as we work to bring sustainable, autonomous delivery to every doorstep in the next five years.”
He added: “Serve’s delivery volume has grown over 30% month-over-month on average for the past 18 months. Becoming a public company provides broader access to capital, supporting our continued growth as we ramp up our partnership with the world’s largest food delivery platform and expand other enterprise partnerships.”
The transaction was sponsored by Montrose Capital Partners. Network 1 Financial Securities (as consulted by Intuitive Venture Partners) and Aegis Capital Corp served as co-placement agents. Uber Vice President of Delivery and Head of Americas, Sarfraz Maredia also joined the Company’s board at the end of last month.
