04/19/2024 | Press release | Distributed by Public on 04/19/2024 14:06
Serve Robotics, a leading autonomous sidewalk delivery company, has priced an underwritten public offering that will generate aggregate gross proceeds of $40 million, prior to deducting underwriting discounts and offering expenses. The company is offering 10 million shares of common stock at a price of $4 a share for the public.
Orrick represented Serve Robotics.
Backed by Uber and NVIDIA, Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical.
Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven.
The company has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.
Serve Robotics said it plans to use net proceeds from the offering to fund research and development of the next generations of its robots, manufacturing activities, geographic expansion and for working capital and other general corporate purposes.
Albert Vanderlaan led the Orrick team that advised Serve Robotics. The team included Jaryn Fields, Jongmin Char, Michelle Lee, Bailey Higgs, Taylor Ball, Alan Knoll, Al Sawyers and Jason Flaherty.