Robot design and manufacturer Serve Robotics, on Thursday, initiated trade of its common shares on the United States-based stock exchange OTCQB, also called the Venture Market operated by the OTC Markets Group under the symbol ticker symbol ‘SBOT’.
In early August, the firm was acquired by Patricia Acquisition, public Delaware company and it raised about $30 million in financing, raising its total funds to over $56 million. Following the transaction, Patricia renamed the company Serve Robotics.
The autonomous sidewalk delivery company, by entering into the public market looks to build 2000 robots on the global food delivery app Uber Eats platform, as well as grow the firm, stated Dr Ali Kashani, Executive Chief of Serve Robotics.
Uber Eats launched its self-driving sidewalk robots in Tokyo, Japan, in collaboration with software developer Cartken and electronics manufacturing firm Mitsubishi Electric.
The firm has collaborated with food giants like Uber Eats, 7-Eleven, Canada Pizza Hut, and Piestro. In February 2024, Serve entered into a strategic partnership with Magna New Mobility USA, Magna International’s subsidiary to provide Serve AMR Technology, engineering, technical and related support services to Magna.
San Francisco-based Serve Robotics operates a fleet of AI-powered, sidewalk delivery robots that completed over 50,000 commercial deliveries in the Los Angeles metropolitan area.
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