Serve Robotics Rolls Into Miami's Food Scene, Stock Jumps

Shares of autonomous delivery provider Serve Robotics Inc. SERV are trading higher on Wednesday.

The company has rolled out its services in the Miami metropolitan area. This expansion comes alongside an enhanced partnership with Shake Shack Inc. SHAK and the introduction of a new collaboration with Mister O1 Extraordinary Pizza.

Customers in the Miami Beach and Brickell areas who place orders from these restaurants through Uber Technologies Inc UBER online food platform, Uber Eats can now have their deliveries made by Serve’s autonomous robots.

Serve’s recent expansion strengthens its existing footprint in Los Angeles, with plans to move into the Dallas-Fort Worth area next.

“Expanding to the Miami Metro is a major step in our mission to make sustainable, autonomous delivery a reality across the U.S.,” said CEO and co-founder Ali Kashani.

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“By bringing robotic delivery to forward-thinking communities that embrace innovation, we’re helping reduce emissions and traffic congestion while supporting local restaurants and enhancing the customer experience.”

The Brickell and Miami Beach neighborhoods, which have over 120,000 residents and active commercial zones, offer an optimal setting for eco-friendly robotic delivery services.

Serve Robotics’ Miami launch aligns with its long-term strategy to deploy 2,000 autonomous robots across the U.S. by 2025, strengthening its position in autonomous delivery.

In December 2024, Serve Robotics secured $86 million in funding, bringing its total investments for the year to $167 million. The company plans to use this capital to advance the development of its third-generation robots, expand its operations, and enter additional markets.

However, last week, the company’s shares tumbled after a regulatory filing disclosed Nvidia Corp, which held a 10% equity as of July 18, 2024, had no more stake in the company.

Price Action: SERV shares are trading higher by 17.9% at $13.93 at the last check Wednesday.

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