Autonomous Delivery Provider Serve Robotics Shares Soar On $167M Funding In December

Serve Robotics Inc. raised $86 million in December 2024, bringing its total funding for the year to $167 million.

Autonomous delivery service provider Serve Robotics Inc. SERV shares are trading higher in premarket on Monday after the company announced that it raised $86 million in December.

Since spinning off from Uber Technologies Inc UBER in 2021, Serve has accumulated roughly $220 million in total funding ($167 million in 2024).

The December funding came from a combination of proceeds from Serve’s previously filed At-the-Market (ATM) facility and the exercise of warrants.

As of Dec. 31, the company reported that Serve had about 51.5 million shares of common stock outstanding.

The capital infusion will enhance Serve's financial flexibility, and allow the company to self-fund its equipment investments, helping to reduce associated servicing costs.

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The company said that its financial runway is extended through the end of 2026, positioning it for continued growth and innovation in the autonomous delivery space.

“This liquidity position reflects strong confidence in our vision and market potential,” said CFO Brian Read.

Brian added that the funds will help accelerate the development of its third-generation robots, which are central to Serve's efforts in expanding last-mile delivery.

Serve Robotics is targeting rapid expansion in 2025 and beyond, with plans to enter multiple new markets. The company is also advancing its autonomous delivery technology to maintain its competitive edge.

Price Action: Serve Robotics shares are trading higher by 11.6% at $21.24 in premarket at last check Monday.

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Image: Courtesy of Serve Robotics