The third-generation Serve Robotic is engineered to be even more robust, secure, and spacious, boasting enhanced durability, heightened safety features, and expanded storage capabilities. Supply: Serve Robotics
Serve Robotics Inc. To date, the company has successfully secured $86 million in funding as of December, thereby elevating its total gross proceeds for the year 2024 to a significant $167 million. Redwood, a California-based autonomous logistics company, announced that it has secured enough financial resources to sustain operations through the end of 2026.
“With unwavering conviction, Brian Learn, Chief Financial Officer at Serve Robotics, noted that this liquidity provider is fully aligned with their innovative vision and market opportunities.” As the company looks ahead, we believe its strong foundation enables a seamless transition into scaling up operations and expanding into new markets by 2025 and beyond.
Established as an independent entity following a spin-off from Uber Technologies Inc. In 2021, Serve Robotics has pioneered the development of low-emission, synthetic intelligence-driven robots designed to transform sidewalks into economically viable and sustainable spaces. Having successfully executed tens of thousands of deliveries for prominent partners such as Uber Eats and 7-Eleven.
Serves partners with Uber Eats to deploy up to 2,000 delivery locations across multiple US markets, committing to long-term agreements that can span several years. markets. Not long ago, Alphabet Inc.’s Wing Aviation LLC piloted a novel approach to last-mile deliveries by integrating ground-floor robots with aerial drones.
Serve Robotics has secured a total of $220 million in funding thus far.
Since spinning out of Uber, Serve Robotics has secured $220 million in total funding, comprising $30 million in 2023 and an additional $40 million in early 2024.
The additional $12 million in funding for December 2024 is comprised of proceeds generated from the company’s previously filed ATM facility, combined with the exercise of outstanding warrants. As of Dec. The company had approximately 51.5 million outstanding shares of common stock in circulation.
The injection of capital enables it to cover personal tool investments, thereby eliminating the need for short-term tool financing and its associated servicing costs. “Through judicious balance-sheet management and astute capital optimization, leveraging environmentally responsible and cost-effective financing alternatives, the company has created a robust foundation to support strategic endeavors and reinvest in augmenting its talent management capabilities.”
Third-generation robots are poised for a massive deployment.
Serve Robotics has announced its intention to accelerate production of its latest robotic models and expand into multiple new market sectors. The newly designed mannequin prioritizes safety while being produced at a reduced cost.
In October, robots reportedly accelerate their operations, completing tasks at nearly double their typical pace, while also traversing roughly twice the distance on a single charge, according to Serve, with the added bonus of dedicating six extra hours daily to focused effort. The corporation is leveraging NVIDIA’s Jetson Orin module, which offers a substantial 5x boost in on-board computing power for AI-driven and autonomous navigation applications, combining it with Ouster’s innovative REV7 digital lidar technology and a cutting-edge sensor suite.
The third generation of robots can sustain four massive 16-inch screens. Pizzas, offering a generous 15% increase in quantity compared to Serve’s previous programs. Incorporating cutting-edge suspension technology, they also boast increased water resistance and advanced emergency braking capabilities.
“Serving as a harbinger of innovation, our cutting-edge robots will arrive in new cities and neighborhoods by 2025, with our chief hardware and manufacturing officer, Euan Abraham, eagerly anticipating customers’ experiences with their supply capabilities firsthand.”
By 2030, shipments of supply robots are projected to surge from 14,000 in 2023 to 147,000, representing a compound annual growth rate (CAGR) of approximately 37%, according to ABI Research.
According to George Chowdhury, a robotics business analyst at ABI Research, hospitals, agriculture, retail stores, and last-mile delivery services are poised to widely adopt cellular robots.
Last month, we welcomed Lily Sarafan to our board of directors as she took on her new role. With nearly two decades of experience in entrepreneurship, government management, and board governance, she currently serves on the boards of Instacart, Thumbtack, and Kyo, while also sitting on the board of trustees at Stanford University.
