Serve Robotics Lands 86 Million Boost To Fuel Autonomous Delivery Dominance

Serve Robotics Inc. has secured a significant investment of $86 million in December, bringing its total gross proceeds raised in 2024 to $167 million. This latest funding round has provided the company with sufficient financial runway through the end of 2026, solidifying its position as a leader in autonomous delivery technology.

The company’s vision for making sidewalk delivery economical and sustainable has garnered strong confidence from investors, reflected in its optimistic outlook on market potential. With this new influx of capital, Serve Robotics is poised to further expand its operations and enter new markets in 2025 and beyond. The startup has developed innovative low-emissions robots that utilize artificial intelligence (AI) to make deliveries efficient and sustainable.

Spun off from Uber Technologies Inc. in 2021, Serve Robotics has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven, with scalable multi-year contracts. The startup’s recent partnership with Alphabet Inc.’s Wing Aviation LLC unit on a pilot combining ground robots with aerial drones highlights its commitment to exploring new technologies and applications for its autonomous delivery solutions.

Serve Robotics has raised $220 million in total funding, including a $40 million initial public offering (IPO) in early 2024. The additional December 2024 funding includes proceeds from the company’s previously filed ATM facility and the exercise of warrants, allowing Serve Robotics to preserve balance-sheet flexibility and optimize its cost of capital with efficient, lower-cost funding solutions.

The new generation of Serve Robotics’ third-generation robots is designed to be safer, more efficient, and manufactured at a reduced cost. With improved AI capabilities, enhanced navigation, and increased on-board computing power, these robots are poised to take their operations to the next level. The latest advancements in robotics technology have been accelerated by industry partnerships, including NVIDIA’s Jetson Orin module and Ouster’s new REV7 digital lidar.

The future of last-mile delivery looks promising, with shipments predicted to expand from 14,000 in 2023 to 147,000 by 2030, a 37% compound annual growth rate (CAGR), as forecasted by ABI Research. George Chowdhury, robotics industry analyst at ABI Research, noted that “Hospitals, agriculture, retail stores, and last-mile delivery are all nearing readiness for the mass adoption of mobile robots.”

Serve Robotics’ commitment to expanding its operations and entering new markets is driven by its vision for a more sustainable and efficient delivery system. With Lily Sarafan joining its board of directors, the company is well-positioned to navigate the evolving landscape of autonomous delivery technology. Euan Abraham, chief hardware and manufacturing officer, stated that “Our cutting-edge robots will wheel into new cities and neighborhoods in 2025, and we can’t wait for users to experience their delivery capabilities firsthand.”