Serve Robotic raises additional $80M as it expands curbside delivery robots

Nvidia is Uber-backed Serving Robotics has raised $ 80 million through the direct offering of 4.2 million shares of common stock, funds that will help the company to expand its network through 2026 and expand its fleet from 100 robots on the streets of Los Angeles today to 2,000 Serve expects to be deployed by the end of 2025 m ‘several US cities.

“We’re not taking a lot of money just to burn it next year,” Serve CFO Brian Read told TechCrunch. “This is a long-term database to help us as we go through these 2,000 robots.”

The amount of 80 million dollars, which came from unnamed organizations, is on top of $86 million in total revenue Served together in December 2024 through the combination of pre-market reservations and the use of licenses, which brought the initial revenue generated in the previous 12 months to $247 million.

A company that supplies street robots, which has gone people earlier this year through a revolutionary mergerexpects the $80 million transaction to close on Tuesday, subject to certain closing conditions. Serve won’t say what they plan to spend the money on specifically, just know that it will bring in working capital to build the business and deploy the robots.

Serve was coming up with its $86 million plan raised in December, which will go toward self-funding to help the startup eliminate the need for equipment and operating expenses.

“I’ve been trying to keep our costs as low as possible, and the best way (in the past) to do that was to pay for our robots, which come with interest and deposits and lock-in fees and security. Hardware,” Read said. so we are getting good money. We have ownership of these robots now, so we are giving ourselves the opportunity to change our financial situation. “

“This investment not only solidifies this strategy from today, but now we are positioning ourselves for what 2026 and 2027 will look like,” Read continued.

Today, Serve has about 100 robots delivering in Los Angeles to about 300 restaurants through Uber Eats and 7-Eleven platforms. In October, the company began testing cooperation with Wing in Dallas to combine the delivery of side-by-side robots and the delivery of drones.

Plans to put an additional 250 robots on the streets of Los Angeles by the first quarter of 2025, and up to 2,000 bots in several US cities by the end of next year partnership with Uber Eats. Read noted that the company expects to generate operating income once the 2,000 fleet is fully operational.

This article has been updated to include additional content and information from Serve Robotics CFO Brian Read.