Nvidia and Uber-backed Serve Robotics has raised $80 million in a direct offering of 4.2 million shares of common stock. This is on top of the $86 million in gross proceeds Serve raised collectively December 2024 through a combination of a previously filed at-the-market facility and exercise of warrants.
The sidewalk delivery robot company, which went public earlier this year via a reverse merger, expects the $80 million offering to close on Tuesday, subject to certain closing conditions. Serve wouldn’t say what it intends to use the gross proceeds for specifically, only noting it would go towards working capital.
The $86 million raised in December will go towards extending Serve’s operational runway through the end of 2026. The company will use that capital to self-fund equipment investments so that it can eliminate the need for equipment financing and associated servicing costs.
This story is developing. Check back for updates.
