Evolving from the aftermath of Uber's Postmates acquisition, Serve Robotics is making its public market debut via an intriguing reverse merger with Patricia Acquisition Corp. This move materializes following a hefty $30 million funding round, witnessing participation from notable names like Uber, Nvidia, and Wavemaker Partners. To date, their financial milestones have reached a remarkable $56 million.
Interestingly, post-merger regulatory data reveals Uber and Nvidia's substantial stakes in Serve at 16.2% and 11%, respectively. The alliance gets even stronger as Sarfraz Maredia, an Uber stalwart, steps onto Serve's board.
Tracing back to 2018, Serve Robotics, formerly known as Postmates X, introduced its autonomous sidewalk robots in Los Angeles, expanding its service by 2020. The significant spin-off from Uber came in after the latter's $2.65 billion Postmates takeover. Ali Kashani, the mind behind Postmates X, now spearheads Serve Robotics.
In a chat with TechCrunch, Kashani shared his vision, emphasizing the strategic efficiency behind going public. The unforeseen financial turmoil of Silicon Valley Bank last March propelled him to diversify Serve's investor base. This stance was validated as the reverse merger proposal came to light shortly after.
With fresh funds in the bag, Serve Robotics is eyeing market expansion, technological advancement, and an amplified robot fleet. Collaborating with Uber Eats, there's potential for a staggering 2,000 robot deployment. The consistent 30% monthly delivery volume growth over the past year and a half stands testimony to Serve's booming business model.
In Kashani's words, "This thing is working," and it seems the future looks promising.