Electronics India News: Serve Robotics, backed by Uber and Nvidia, Goes Public Following Reverse Merger

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  • Ali Kashani, former head of Postmates X, is the co-founder and CEO of Serve Robotics.
  • The company raised $30 million recently, with a total fundraising of $56 million.

Serve Robotics, originally a part of Uber’s acquisition, an autonomous sidewalk delivery robot startup, has announced its decision to go public. The move was made possible through a reverse merger with Patricia Acquisition Corp, finalized earlier this month per recent regulatory filings.

Postmates, Serve Robotics emerged as a leader in autonomous sidewalk deliveries, catering to Postmates customers across diverse neighbourhoods in Los Angeles since 2018. The enterprise began its commercial operations in 2020.  The acquisition of Postmates by Uber in 2020, valued at $2.65 billion, marked the inception of Serve Robotics as an independent entity, drawing its name from the pioneering delivery bot developed by Postmates.

Uber and Nvidia, among the startup’s primary investors, have acquired stakes of 16.2% and 11%, respectively, post-merger. Uber’s vice president of delivery, Sarfraz Maredia, will join Serve’s board, indicating a deepening alliance. Recently, Serve procured an impressive $30 million in funding, with significant contributions from Uber, Nvidia, and Wavemaker Partners. New entrants to the investment round included Mark Tompkins and Republic Deal Room, bringing Serve’s total fundraising to $56 million.

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Ali Kashani, previously leading Postmates X, is now the co-founder and CEO of Serve Robotics. Kashani is confident about the company’s potential to scale, highlighting a consistent 30% monthly growth in delivery volumes over the last 18 months. “Our model is a success, and all we need is the fuel to accelerate,” Kashani remarked.

In a recent report, Kashani emphasized the strategic nature of this public venture. While not initially keen on going public, Kashani recognized its potential as an efficient capitalization method after a major banking incident involving Silicon Valley Bank raised concerns. This led him to diversify the company’s investor base.

Following this incident, the opportunity for a blank-check merger emerged almost immediately. With the additional capital, Serve Robotics is primed to enter new U.S. markets and further enhance its technological base. The company has also set its sights on expanding its fleet of 100 delivery robots. Furthermore, a commercial pact with Uber paves the way for deploying an impressive 2,000 robots with Uber Eats.

 

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