Serve Robotics Inc. is experiencing a notable rise in its stock price today following the announcement of a significant funding achievement. The company has successfully closed an $86 million funding round, which contributes to a total of $167 million raised in 2024. This influx of capital is expected to bolster Serve Robotics' ability to self-fund equipment investments, thereby eliminating the immediate need for equipment financing and reducing associated costs. The funding is seen as a strong vote of confidence in the company's vision and market potential, as highlighted by CFO Brian Read, who stated that the company is well-positioned to scale operations and enter new markets in 2025.
Additionally, Serve Robotics' strategic partnership with Shake Shack, in collaboration with Uber Eats, to deliver orders autonomously in select California locations, continues to underscore its leadership in last-mile delivery technology. This partnership, initiated in September 2024, has been part of Uber Eats' broader strategy to offer autonomous deliveries in certain regions, further enhancing Serve Robotics' market presence and appeal to investors.
The current price of Serve Robotics Inc. (SERV) is $16.33, reflecting a 10.49% increase from the previous close of $14.78. The stock opened at $16.28 and has reached a high of $16.93 and a low of $15.72 so far today. Despite being early in the trading day, the volume has already reached 3,707,438 shares, accounting for 41.65% of the average daily volume of 8,900,429 shares.