Serve Robotics has been gaining attention as of late. Its stock surged last Thursday to 187 percent after Nvidia, an AI chip manufacturer, took a 10 percent stake in the company.
That’s according to a filing with the Securities and Exchange Commission. Nvidia’s investment amounts to about 3,727,033 shares of Serve’s 37.1 million outstanding. This places Nvidia alongside other notable investors like Uber and 7-Eleven.
As of Monday, Serve Robotics’ stock continued its upward trajectory, climbing to 233 percent. The company debuted on Nasdaq through an initial public offering on April 18, 2024, priced at $4 per share. Shares closed Monday at $8.77. However, it fell slightly this week, amid fluctuations following a private offering.
Serve Robotics robot with Uber Eats logo.
The company recently announced a private offering of $2.5 million pre-funded warrants for Serve stock at $6 each, aiming to raise $15 million in gross proceeds. Aegis Capital Corp. is acting as the exclusive placement agent for this offering.
Originally part of Postmates, Serve has been deploying and testing AI-powered sidewalk delivery robots for about six years. When Uber acquired Postmates in 2020, the robotics division was spun off as an independent entity. Serve operates about 100 robots serving 300 restaurants in Los Angeles. Plans are to expand to new markets and deploy 2,000 robots by the end of 2025.
The robotic delivery market is anticipated to grow to $1.8 billion by 2028, according to MarketsandMarkets Research. Several players in the space continue to make waves including Starship Technologies, Cartken, and most recently Avride, highlighting the industry’s competitiveness and innovation.
