image credit – techcrunch.com
Serve Robotics, which is based in San Francisco, just finished a reverse merger with Patricia Acquisition Corp., which is a big step toward going public.
The merger was finalized after Serve’s successful investment round this month. Before the merger, Serve raised $30 million. With this investment, Serve has raised a total of $56 million. New investors Mark Tompkins and Republic Deal Room and old investors Uber Technologies, NVIDIA, and Wavemaker Partners are all part of this.
Serve Robotics has grown quickly
Serve Robotics, part of the on-demand service company Postmates has grown quickly since it started out as Postmates X. In 2018, it sent self-driving sidewalk robots to clients of Postmates in several areas of Los Angeles. Then, in 2020, a service for money was offered. After Uber bought Postmates for $2.65 billion in late 2020, Postmates X broke off into a new company called Serve Robotics.
Ali Kashani is the co-founder and CEO of Serve Robotics. He used to be the CEO of Postmates X. He said that the company was really thinking about going public. But Kashani stressed that going public through a reverse merger is a faster and more effective way to take advantage of the company’s growth.
Business Growth and Updates
After the reverse merger was finished successfully, Serve Robotics plans to use the extra money to expand to other parts of the US and improve its technology. The company wants to add more delivery robots to its current fleet of 100. Uber and Serve have a business deal that allows up to 2,000 robots to be used with Uber Eats. Serve Robotics designs, builds, and manages zero-emissions robots for use in public areas. At first, they focused on food delivery robots. Since the company was started in 2017 as a Postmates spinoff, its self-driving robots have made tens of thousands of contactless deliveries in places like Los Angeles and San Francisco.