Serve Secures $86 Million to Continue Developing Sidewalk Delivery Robots
Autonomous delivery company Serve Robotics said Monday (Jan. 6) that it secured $86 million in new financing in December.
The new capital brought the company’s total raised in 2024 to $167 million and extended its expected operational runway through the end of 2026, approximately, Serve Robotics said in a Monday press release.
“This liquidity position reflects strong confidence in our vision and market potential,” Serve Robotics Chief Financial Officer Brian Read said in the release. “Looking ahead, we believe we are well positioned to continue to scale our operations and enter new markets in 2025 and beyond.”
Serve Robotics, which develops sidewalk delivery robots, was spun off from Uber in 2021 and has secured about $220 million in total funding since becoming an independent company, according to the release.
The company has completed tens of thousands of deliveries for Uber Eats, 7-Eleven and other enterprise partners, and has multi-year contracts that include a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform, per the release.
“The successful fundraising in 2024 underscores Serve’s position as a leader in transforming last-mile delivery, as the company aims to ramp-up production of its third-generation robots and prepares to enter several new markets,” the release said.
PYMNTS reported in May 2022 that robotic delivery was evolving from fringe new technology to lived reality as restaurants and delivery services sought viable solutions to meet demand amid driver labor challenges.
“There’s a ton of demand already. … It’s just a matter of time. It’s just patience,” Serve Co-founder and CEO Ali Kashani told PYMNTS at the time. “You have to go through this process, put the robots out, take care of the integrations, go through the manufacturing of more robots. It takes time to engage regulators, engage customers.”
In August, Serve Robotics launched a robot delivery partnership with Shake Shack in which diners who order from select Shake Shacks in Los Angeles via Uber Eats can receive their food via Serve’s sidewalk robots.
Noah Zych, global head of autonomous mobility and delivery at Uber, said at the time in a press release: “Serve has been advancing their technology for years to provide merchants and consumers with not only a futuristic experience but greater affordability, reliability and convenience.”
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