- New Financing brings total capital raised to $56 million since starting in 2021
- Participation from strategic investors, including Uber
Technologies, Inc. ("Uber") and NVIDIA, will support deployment of
up to 2,000 new AI-powered sidewalk delivery robots
SAN
FRANCISCO, Aug. 10, 2023 /PRNewswire/ -- Serve
Robotics, Inc. ("the Company" or "Serve"), the leading autonomous
sidewalk delivery company, today announced raising an aggregate of
$30 million in financing, bringing
the Company's total funds raised to over $56
million. Concurrent with the raise of new capital and
conversion of existing convertible notes (the "Financing"), Serve
also completed a reverse merger with Patricia Acquisition Corp.
("Patricia"), a public Delaware
corporation, whereby Serve became a wholly owned subsidiary of
Patricia. Following the transaction, Patricia changed its name to
Serve Robotics, Inc. and will continue the historic business of
Serve.
"We're thrilled that our core strategic
partners Uber and NVIDIA continue to back Serve"
The Financing was led by existing investors, including Uber,
NVIDIA (NASDAQ: NVDA), and Wavemaker Partners, with
participation from new investors Mark
Tompkins and Republic Deal Room. 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 has joined the Company's board, effective
July 31, 2023.
This Financing enables Serve to enter new markets across
the United States and further
advance its industry-leading, AI-powered mobility platform. The
company will also begin scaling up its robotic fleet to meet
massive and rapidly-increasing customer demand for last mile
automation, including fulfilling its commercial agreement to deploy
up to 2,000 robots with Uber Eats.
"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," said Dr.
Ali Kashani, Co-founder and CEO of
Serve. "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 securities issued in the acquisition and sold in the private
placement have not been registered under the Securities Act of
1933, as amended (the "Act"), and may not be resold absent
registration under, or exemption from registration under, such
Act.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
To learn more about Serve, visit serverobotics.com.
About Serve Robotics, Inc.
Serve is shaping the future of sustainable, self-driving
delivery. The Company designs, develops and operates zero-emissions
robots that serve people in public spaces, starting with food
delivery. Founded in 2017 as the robotics division of Postmates,
Serve set out to build a robotic delivery experience that delights
customers, improves reliability for merchants, and reduces vehicle
emissions to zero. Six years later, the company's self-driving
robots have successfully completed tens of thousands of contactless
deliveries in Los Angeles and
San Francisco. Spun off from
Postmates as an independent company in February 2021, Serve is backed by Uber and other
world-class investors. Serve has several established commercial
partnerships and continues to expand its partner platform. Find out
more at www.serverobotics.com, follow us on social media
via Twitter and Instagram, or apply to join our team
on LinkedIn.
Forward Looking Statements
This announcement contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Serve intends such forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements contained in
Section 21E of the Exchange Act. These forward-looking statements
can be about future events, including statements regarding Serve's
intentions, objectives, plans, expectations, assumptions and
beliefs about future events, including Serve's expectations with
respect to the financial and operating performance of its business,
its capital position, and future growth. The words "anticipate",
"believe", "expect", "project", "predict", "will", "forecast",
"estimate", "likely", "intend", "outlook", "should", "could",
"may", "target", "plan" and other similar expressions can generally
be used to identify forward-looking statements. Indications of, and
guidance or outlook on, future earnings or financial position or
performance are also forward-looking statements. Investors and
prospective investors are cautioned not to place undue reliance on
these forward-looking statements as they involve inherent risk and
uncertainty (both general and specific) and should note that they
are provided as a general guide only. There is a risk that such
predictions, forecasts, projections and other forward-looking
statements will not be achieved. Subject to any continuing
obligations under applicable law, Serve does not undertake any
obligation to publicly release the result of any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this announcement, to reflect any change in
expectations in relation to any forward-looking statements or any
change in events, conditions or circumstances on which any such
statements are based. While due care has been used in the
preparation of forecast information, actual results may vary in a
materially positive or negative manner. Forward-looking statements
are provided as a general guide only and should not be relied on as
an indication or guarantee of future performance. They are subject
to known and unknown risks, uncertainty, assumptions and
contingencies, many of which are outside Serve's control, and are
based on estimates and assumptions that are subject to change and
may cause actual results, performance or achievements to differ
materially from those expressed or implied by such statements. To
the maximum extent permitted by law, responsibility for the
accuracy or completeness of any forward-looking statements whether
as a result of new information, future events or results or
otherwise is disclaimed. This announcement should not be relied
upon as a recommendation or forecast by Serve. Past performance
information given in this document is given for illustrative
purposes only and is not necessarily a guide to future performance
and no representation or warranty is made by any person as to the
likelihood of achievement or reasonableness of any forward-looking
statements, forecast financial information, future share price
performance or any underlying assumptions. Nothing contained in
this document nor any information made available to you is, or
shall be relied upon as, a promise, representation, warranty or
guarantee as to the past, present or the future performance of
Serve.
Contact
Aduke Thelwell
Head of Communications
Serve Robotics, Inc.
aduke.thelwell@serverobotics.com
347-464-8510
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SOURCE Serve Robotics Inc.