Uber, Nvidia-Backed Robot Delivery Company Announces $40M  Public Offering

Serve Robotics, a company developing autonomous sidewalk delivery robots, has disclosed its public share pricing, offering 10 million shares at $4 per share, for a total of $40 million.

The offering includes participation from Postmates, one of Serve's largest stockholders and strategic partners, and LLC, a wholly-owned subsidiary of Uber.

Serve said it will use the funds to progress the research and development of its next generation of delivery robots, as well as help expand its market standing across geographic regions.

Serve also announced that its common stock has been approved for listing and will begin trading on the Nasdaq Capital Market under the symbol "SERV" on April 18. 

The Nvidia-backed startup was spun out of Uber in 2021, developing AI-powered, low-emission sidewalk delivery robots that it says reduce traffic congestion and air pollution, while also improving efficiency and mitigating pressures from ongoing labor shortages.

It became a public company last August, following a $30 million funding round led by Uber, Nvidia and Wavemaker.

So far Serve has rolled out its delivery robots in Los Angeles and Vancouver, Canada. The company has an ongoing agreement with Uber Eats to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.

Related:Uber, Nvidia-Backed Robot Delivery Service to Go Public