Fundraising and Financial Position - Serve Robotics raised 167 million [1] - Since its spinout from Uber in 2021, the company has secured approximately $220 million in total funding [1] - The December 2024 funding includes proceeds from the ATM facility and warrant exercises [1] - As of December 31, 2024, Serve had approximately 51.5 million shares of common stock issued and outstanding [1] - The capital infusion extends the company's operational runway through the end of 2026 [2] - Serve can now self-fund equipment investments, eliminating the need for near-term equipment financing and associated servicing costs [2] Strategic Initiatives and Market Expansion - The successful fundraising underscores Serve's leadership in transforming last-mile delivery [3] - The company aims to ramp up production of its third-generation robots and enter several new markets [3] - Serve has scalable multi-year contracts, including an agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets [4] Technology and Business Model - Serve Robotics develops AI-powered, low-emissions sidewalk delivery robots to make delivery sustainable and economical [4] - The company has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven [4] Leadership and Vision - The CFO expressed strong confidence in the company's vision and market potential, stating that Serve is well-positioned to scale operations and enter new markets in 2025 and beyond [3]
Serve Robotics Secures $86 Million in New Financing in December, Solidifying Liquidity Position to Transform Last-Mile Delivery