In a significant development for the robotics industry, Serve Robotics, backed by Uber and Nvidia, has made its public debut on the Nasdaq stock exchange. The company’s reverse merger with blank-check firm Patricia Acquisition Corp. in August 2023 paved the way for this milestone.
A Brief History of Serve Robotics
Serve Robotics was born out of Uber’s acquisition of Postmates in 2021. Initially, it operated as Postmates X, the robotics division of on-demand delivery company Postmates. The autonomous sidewalk robots started delivering to Postmates customers in multiple Los Angeles neighborhoods in 2018. After a successful commercial service launch in 2020, Postmates X spun out as an independent company called Serve Robotics.
Key Highlights from the Offering
- Gross proceeds: $40 million
- Expected closing date: April 22
- Underwriter: Aegis Capital Corp.
- Share price: $4 per share
Ownership Structure and Board Appointments
Upon the closing of the merger, Uber held a 16.6% stake in Serve Robotics, while Nvidia owned 14.3%. These stakes will change to 11.5% and 10.1%, respectively, once the offering closes. Notably, Sarfraz Maredia, Uber’s vice president of delivery and head of its Americas region, has joined Serve’s board.
The Company’s Offering
Serve Robotics’ offering is expected to close around April 22. The company’s gross proceeds from the offering could reach about $46 million if Aegis Capital Corp., the deal’s underwriter, takes up on its 45-day option to buy up to 150,000 additional shares of common stock.
The Autonomous Sidewalk Delivery Bots
Serve Robotics’ autonomous sidewalk delivery bots are a key part of their offerings. These robots can operate autonomously within certain boundaries and conditions but still rely on remote human operators for supervision in scenarios like intersections or unexpected events.
Reactions from Industry Experts
Industry experts have been following the development closely, with many seeing this as a significant milestone for the robotics industry. As Rebecca Bellan notes, "This is a big win for Serve Robotics and a testament to their innovative approach to delivery services."
Conclusion
Serve Robotics’ debut on Nasdaq marks an important moment in the growth of the robotics industry. With its innovative autonomous sidewalk delivery bots and strong backing from Uber and Nvidia, this company is poised to make significant strides in the coming years.
Sources:
- [1] Rebecca Bellan, "Serve Robotics Debuts on Nasdaq with $40 Million Raise," TechCrunch, 2023.
- [2] Serve Robotics, "Company Overview," 2023.
- [3] Aegis Capital Corp., "Investment Banking Services," 2023.
