Serve Robotics Inc. (SERV) saw a significant rise in its stock price today, closing at $16.41, up 11.03% from the previous close of $14.78. The stock opened at $16.28 and reached an intraday high of $17.34, with a low of $15.51. The trading volume was notably high at 13,780,242 shares, 154.83% of the average volume.
The primary driver of this upward movement was the announcement of Serve Robotics' successful $86 million funding round, bringing its total funding for 2024 to $167 million. This capital influx is expected to enhance the company's ability to self-fund equipment investments, reducing the need for external financing and associated costs. The funding is seen as a strong endorsement of Serve Robotics' market potential and strategic vision, as emphasized by CFO Brian Read.
Additionally, Serve Robotics' ongoing partnership with Shake Shack and Uber Eats to deliver orders autonomously in California continues to bolster its market presence. This collaboration, part of Uber Eats' strategy to expand autonomous deliveries, further underscores Serve Robotics' leadership in last-mile delivery technology.
The broader robotics sector also experienced a surge, with Serve Robotics climbing over 14% following an announcement from OpenAI about developing robots with custom sensors. This sector-wide boost contributed to the positive sentiment around SERV.