Fintech & Ecommerce

Serve Robotics Raises $30 Million

The company Serve Robotics announced the completion of a public deal and the raising of $30 million in financing.

Serve Robotics Raises $30 Million

This company will use the money received to implement measures to expand the scale of functioning of robotic delivery based on artificial intelligence. The firm’s press release, which was published last Thursday, August 10, contains information that the new financing increases the total amount of capital raised by the brand to $56 million. The company has received this amount of funds since 2021.

The latest funding round was attended by existing investors such as Uber, NVIDIA, and Wavemaker Partners, also joined by Mark Tompkins and Republic Deal Room. Since July 31, Sarfraz Maredia, Vice President and head of the American unit has joined the Board of Directors of Serve Robotics.

Ali Kashani, co-founder, and CEO of Serve Robotics, says that the company is pleased that its main strategic partners, including Uber and NVIDIA, continue to provide support that will allow it to form something like a sustainable autonomous delivery system to every home in the next five years.

The press release contains information that over the past 18 months, the firm’s supply volume has increased by about 30%. Using the new financing, the company intends to expand the scope of its activities in the United States. The firm also plans to continue developing its mobile platform based on artificial intelligence. Another point in the company’s business plan for the near future is the expansion of the robot fleet, which will meet the demand for automation.

The press release also indicates that the company will implement a commercial agreement to deploy up to 2,000 robots in Uber Eats to organize the process of delivering food along the sidewalks. The firm notes that the acquisition of public status by the brand provides more extensive access to capital, which creates conditions for further growth as partnerships expand.

Serve Robotics has announced the completion of a reverse merger with Patricia Acquisition, a firm based in Delaware.

Ali Kashani in May last year, during a conversation with media representatives, said that against the background of demand for automation, robotic companies are actively developing business in the field of food delivery. He also stated that as part of the implementation of robotic solutions, it is important to separate noise from signal. In this case, it implies the need to distinguish a temporary trend from a long-term process with stable prospects. He noted that in any segment of technology, there are cycles of hype, after the completion of which it turns out that the high demand for a certain solution was momentary.

As we have reported earlier, Uber Expands Robotic Delivery to Lower Cost.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.