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Serve Robotics, the Uber and Nvidia-backed sidewalk robot delivery company, debuted publicly on the stock exchange Thursday, making it the latest startup to choose going public via a reverse merger as an alternative path to capital needed to fund growth. The company, which spun out of Uber's acquisition of Postmates in 2021, hits the Nasdaq under the ticker "SERV" with gross proceeds of roughly $40 million "prior to deducting underwriting discounts and offering expenses," per regulatory filings at a share price of $4. Serve completed its reverse merger with blank-check company Patricia Acquisition Corp. in August 2023, and at the same time secured $30 million in a round led by existing investors Uber, Nvidia and Wavemaker Partners, bringing its total amount raised at the time to $56 million.
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