Serve Robotics Raises $30 Mln In Financing

(RTTNews) - Serve Robotics, Inc. a sidewalk delivery company, announced on Thursday that it is raising an aggregate of $30 million in financing, bringing the Company's total funds raised to over $56 million.

The financing was led by existing investors including Uber, NVIDIA, Wavemaker Partners, with participation from new investors like Mark Tompkins and Republic Deal Room.

The financing enables Serve to enter new markets across the United States and further advance its AI-powered mobility platform. The company will also scale its robotic fleet to meet massive and rapidly-increasing customer demand for last-mile automation, including fulfilling its commercial agreement to deploy up to 2,000 robots with Uber Eats.

The financing was sponsored by Montrose Capital Partners with Network 1 Financial Securities and Aegis Capital Corp serving as co-placement agents.

Serve has also completed a reverse merger with Patricia Acquisition Corp. a public Delaware corporation, where Serve became the wholly owned subsidiary of Patricia. Following the merger, Patricia changed its name to Serve Robotics, Inc and will continue the business of Serve.