Serve Robotics raises additional $80M as it scales sidewalk delivery robots

Funding and Capital Allocation - Serve Robotics raised $80 million through a direct offering of 4.2 million shares of common stock [1] - The company previously raised$86 million in gross proceeds in December 2024 through a combination of an at-the-market facility and warrant exercises [1] - The $80 million offering is expected to close on Tuesday, subject to certain closing conditions [2] - The$86 million raised in December will extend Serve's operational runway through the end of 2026 [3] Use of Proceeds - Serve Robotics did not specify the exact use of the $80 million gross proceeds, only noting it would go towards working capital [2] - The$86 million raised in December will be used to self-fund equipment investments, eliminating the need for equipment financing and associated servicing costs [3] Company Background - Serve Robotics is a sidewalk delivery robot company that went public earlier this year via a reverse merger [2]