Serve Robotics announces go-public transaction and $30M financing

Serve Robotics, an autonomous sidewalk delivery company, announced raising an aggregate of $30M in financing, bringing the company’s total funds raised to over $56M. Concurrent with the raise of new capital and conversion of existing convertible notes, Serve also completed a reverse merger with Patricia Acquisition Corp, whereby Serve became a wholly owned subsidiary of Patricia. Following the transaction, Patricia changed its name to Serve Robotics and will continue the historic business of Serve. The Financing was led by existing investors, including Uber (UBER), NVIDIA (NVDA), and Wavemaker Partners, with participation from new investors Mark Tompkins and Republic Deal Room. The transaction was sponsored by Montrose Capital Partners. Network 1 Financial Securities and Aegis Capital Corp served as co-placement agents. Uber Vice President of Delivery and Head of Americas, Sarfraz Maredia has joined the company’s board, effective July 31.