Serve Robotics Inc.

General Information

Note: This is NOT an IPO. This is a NASDAQ uplisting from  the OTCQB Market, where Serve Robotics’ stock closed at $4.50 on April 5, 2024, according to the prospectus.

We were founded as a unit of PostMates, the food delivery company. (Incorporated in Delaware)

We are on a mission to deliver a sustainable future by transforming how goods move among people.

Serve has developed an advanced, AI-powered robotics mobility platform, with last-mile delivery in cities as its first application. According to the U.S. Bureau of Transportation Statistics in 2017, 45% of car trips in the United States are taken for shopping and errands, and in 2019, FedEx stated that over 60% of merchants’ customers live within three miles of a store location. By eliminating unnecessary car traffic, and by reducing the cost of last-mile transportation, Serve aims to reshape cities into sustainable, safe, and people-friendly environments, with thriving local economies.

Serve’s first product is a low-emissions robot that serves people in public spaces, starting with last-mile food delivery. In 2017, our core technology development began with our co-founders and a growing product and engineering team. In 2020, the team launched a fleet of sidewalk delivery robots (hereafter simply referred to as “delivery robots”) in Los Angeles performing contactless deliveries during the COVID-19 pandemic shutdowns. By the end of that year, Serve robots had successfully completed over 10,000 commercial deliveries for Postmates Inc. (“Postmates”) in California, augmenting Postmates’ fleet of human couriers.

Postmates was acquired by Uber Technologies, Inc. (“Uber”) in 2020, and in February of 2021, Uber’s leadership team agreed to contribute the intellectual property developed by the team and assets relating to this project to Serve. In return for this contribution and an investment of cash into the Company, Uber acquired a minority equity interest in the business. By the end of the first quarter of 2021, the majority of the team that had worked on this project at Postmates joined Serve as full-time employees.

After spinning off from Uber in 2021, Serve established a commercial partnership with Uber, with deliveries starting in January 2022 on a small scale. In May 2022, Uber announced a pilot program with Serve, and by June, it executed a commercial-scale agreement with Serve to deploy up to 2,000 of its robots across the United States.

Serve’s current fleet consists of over 100 robots, and we plan to expand our fleet by building and deploying hundreds of new robots in the coming years after raising additional rounds of financing. We have platform-level integrations with the Uber Eats division of Uber and 7-Eleven, Inc. Our strategic investors include NVIDIA, Uber, 7-Ventures and Delivery Hero’s corporate venture units, alongside other world-class investors.

Because we started within a food delivery company, our team comes with a depth of expertise in food delivery. Additionally, our engineering team has extensive experience in AI, automation and robotics. Our leadership team includes veterans from Uber, Postmates, Waymo, Apple Inc., Blue Origin, LLC, GoPro, Inc., GoDaddy Inc. and Anki, Inc. We believe our expertise positions us to service the ever-growing on-demand delivery market, including food delivery.

Based on our proprietary historical delivery data, approximately half of all food delivery distances in the United States are less than 2.5 miles, making these deliveries well-suited to delivery by sidewalk robots. We provide a robotic delivery experience that can delight customers, improve reliability for merchants and reduce traffic congestion and vehicle emissions. Moreover, at scale with full utilization and high autonomy, we believe our robots have the potential to reduce average delivery cost to under $1.00, lower than delivery cost by human couriers today, making on-demand delivery more affordable and accessible in the areas in which we operate. In fact, according to a 2024 ARK Invest report, by using automation to reduce delivery costs, the potential market for food and parcel delivery by robots and drones may grow to as much as $450 billion globally in 2030.

*Note: Net loss and revenue are for the year that ended Dec. 31, 2023.

(Note: Serve Robotics raised $40.0 million in a public offering – priced on April 17, 2024 – in connection with the uplisting of its  stock to the NASDAQ from the OTCQB market: 10.0 million shares were priced at $4.00 per share, the company said in a statement and in a filing with the SEC. Earlier filings with the SEC had called for the company to offer 8.9 million shares at an assumed public offering price of $4.50 per share. Background: Serve Robotics filed an S-1/A for its NASDAQ Uplisting on April 12, 2024. Background: Serve Robotics filed its S-1 on March 11, 2024.)


Industry: Logistics - Last Mile Delivery - Food & Packages
Employees: 67
Founded: 2017
Contact Information
Address 730 Broadway Redwood City, CA 94063 (818) 860-1352
Phone Number (818) 860-1352
Web Address
View Prospectus: Serve Robotics Inc.
Financial Information
Market Cap
Revenues $0.21 mil (last 12 months)
Net Income $-24.81 mil (last 12 months)
IPO Profile
Symbol SERV
Exchange NASDAQ
Shares (millions): 10.0
Price range $4.00 - $4.00
Est. $ Volume $40.0 mil
Manager / Joint Managers Aegis Capital Corp.
Expected To Trade: 4/18/2024
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
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