Uber, Nvidia-Backed Delivery Robot Startup Serve Robotics To Go Public - TechCrunch

Uber, Nvidia-backed delivery robot startup Serve Robotics to go public | TechCrunch 10.08.
2023, 22:56
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Uber, Nvidia-backed delivery robot

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Kirsten Korosec @kirstenkorosec / 3:00 PM GMT+4 • August 10, 2023 Comment
Image Credits: Serve Robotics
Serve Robotics, the autonomous sidewalk delivery robot startup that spun out of Uber’s
acquisition of Postmates, is going public via a reverse merger with a blank check
company.
The reverse merger with Patricia Acquisition Corp was completed this month, according to
regulatory filings. Ahead of the merger, Serve raised $30 million in a round led by existing
investors Uber, Nvidia and Wavemaker Partners. New investors Mark Tompkins and
Republic Deal Room also participated. The startup-soon-to-be-public-company has raised
a total of $56 million.
Upon the closing of the merger, Uber held a 16.2% stake and Nvidia an 11% stake in
Serve, according to regulatory filings. Sarfraz Maredia, Uber’s vice president of delivery
and head of its Americas region, has joined Serve’s board.
Serve Robotics started its life as Postmates X, the robotics division of on-demand delivery
https://techcrunch.com/2023/08/10/uber-nvidia-backed-delivery-robot-startup-serve-robotics-to-go-public/ Страница 1 из 8
Uber, Nvidia-backed delivery robot startup Serve Robotics to go public | TechCrunch 10.08.2023, 22:56
company Postmates. The autonomous sidewalk robots started delivering to Postmates

customers in multiple Los Angeles neighborhoods in 2018. It started a commercial service
in 2020.
Uber acquired Postmates in late 2020 for $2.65 billion. Three months later, Postmates X
spun out as an independent company called Serve Robotics. The new name was taken
from the autonomous sidewalk delivery bot that was developed and piloted by Postmates.
Ali Kashani, who led Postmates X, is co-founder and CEO of Serve Robotics.
Kashani told TechCrunch that he was never in a rush to take the autonomous delivery
robot company public. However, he said he sees going public the faster and more efficient
way to capitalize.
Serendipity may have also played a role.
Last March, the company was in the midst of raising another round of funding from
venture capital firms when concerns about the solvency of Silicon Valley Bank caused one
of the largest bank runs in history. Serve, which had 100% of its funds in SVB (all of which
were recovered) was suddenly thrust into new, uncertain territory.
The incident caused Kashani to take a closer look at the company’s approach to raising
capital. “We needed a broader scope of investors,” he said. It made no sense to stick with
one kind of investor.
The blank-check merger opportunity emerged just days later.
Serve said it plans to use the additional financing to enter new markets in the U.S. and
advance its technology. The company also plans to scale up its existing 100-robot delivery
fleet. Serve has a commercial agreement with Uber to deploy up to 2,000 robots with Uber
Eats.
Kashani contends that the company is well positioned to scale and noted that delivery
volume has grown more than 30% month-over-month on average for the past 18 months.
“This thing is working– and what it requires is fuel,” he said.
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Uber, Nvidia-backed delivery robot startup Serve Robotics to go public | TechCrunch 10.08.

We are hiring! Click here to learn about caree

Uber, Nvidia-backed delivery robot

Image Credits: Serve Robotics

company Postmates. The autonomous sidewalk robots started delivering to Postmates

Serendipity may have also played a role.

The blank-check merger opportunity emerged just days later.

“This thing is working– and what it requires is fuel,” he said.

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