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Nvidia and Uber - backedServe Roboticshas raised $ 80 million via a direct offering of 4.2 million shares of coarse Malcolm stock . The fresh cash will help the company extend its track through 2026 and scale its fleet from the 100 golem on the streets of Los Angeles today to the 2,000 Serve hopes to deploy by the destruction of 2025 in multiple U.S. metropolis .
“ We ’re not taking more money to just cauterise through it in the next twelvemonth , ” Serve CFO Brian Read differentiate TechCrunch . “ This is the foresighted - term coffer to help us as we get beyond these 2,000 automaton . ”
The young capital , which came from unknown institutional investor , comes in the wake of$86 million in gross proceedsthat Serve had produce in December 2024 through a combination of a lodge at - the - grocery store facility and an exercise of warrants . The startup has raised a total of over $ 247 million in the retiring 12 months .
Serve , which wentpublic in April 2024 via a reverse merger , expects the $ 80 million offering to close on Tuesday . Serve would n’t say what it intends to use the Johnny Cash for specifically , only note that it would go toward working Washington to build the business and deploy robots .
Read did take down that Serve intend to use its cash reserves for self - financial backing equipment investments that will facilitate it eliminate the pauperization for equipment funding and associated servicing cost .
“ I ’ve been trying to get our price of capital as scurvy as potential , and the best way [ antecedently ] for us to do that was to finance our robots , which comes with sake costs and deposits and cash shut up up and protection interests on the computer hardware , ” Read said . “ We ’ve move past that now , so we get right immediate payment catamenia . We have ownership of these robots now , so we ’re really turn over ourselves some more tractability in our fiscal direction . ”
“ This financial backing not only solidifies that approach from today , but also we are now positioning ourselves from what 2026 and 2027 is going to startle to look like , ” he added .
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Today , Serve has about 100 golem doing deliveries in Los Angeles for around 300 restaurants via Uber Eats and 7 - Eleven . In October , the companionship began a trial inpartnership with Wingin Dallas , flux sidewalk robots with drones for rescue .
dish up project to put an additional 250 automaton on the street of Los Angeles in the first quarter of 2025 , and have up to 2,000 bots in multiple U.S. cities by the end of next year through acontract with Uber Eats . Read noted that his company ask to be hard cash - rate of flow positive from an operational standpoint once that fleet of 2,000 is at full utilization .
This story has been updated to include extra linguistic context and information from Serve Robotics CFO Brian Read .
