Company: SERV
Filing Date: 2025-01-07
Form Type: 424B5
Source: 0001213900-25-001654
Chunk: 6

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-01-07
Form: 424B5
Chunk 6
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60% of merchants’
customers live within three miles of a store location. By eliminating unnecessary car traffic, and by reducing the cost of last-mile transportation,
we aim to reshape cities into sustainable, safe and people-friendly environments, with thriving local economies.

Our first product is a low-emissions robot that
serves people in public spaces, starting with last-mile food delivery. In 2017, our core technology development began with our co-founders
and a growing product and engineering team. In 2020, the team launched a fleet of sidewalk delivery robots (hereafter simply referred
to as “delivery robots”) in Los Angeles performing contactless deliveries during the COVID-19 pandemic shutdowns. By the end
of that year, our robots had successfully completed over 10,000 commercial deliveries for Postmates Inc. (collectively with its affiliated
entities, “Postmates”) in California, augmenting Postmates’ fleet of human couriers.

Postmates was acquired by Uber Technologies, Inc.
(“Uber”) in 2020, and in February of 2021, Uber’s leadership team agreed to contribute the intellectual property developed
by the team and assets relating to this project to Serve. In return for this contribution and an investment of cash into the Company,
Uber acquired a minority equity interest in the business. By the end of the first quarter of 2021, the majority of the team that had worked
on this project at Postmates joined us as full-time employees.

After spinning off from Uber in 2021, we established
a commercial partnership with Uber, with deliveries starting in January 2022 on a small scale. In May 2022, Uber announced a pilot program
with us, and by June, it executed a commercial-scale agreement with us to deploy up to 2,000 of our robots across the United States.

Our current fleet consists of over 100 robots,
and we plan to expand our fleet by building and deploying hundreds of new robots in the coming years after raising additional capital.
We have platform-level integrations with the Uber Eats division of Uber and 7-Eleven, Inc. Our strategic investors include NVIDIA, Uber,
7-Ventures and Delivery Hero’s corporate venture units, alongside other world-class investors.

Because we started within a food delivery company,
our team comes with a depth of expertise in food delivery. Additionally, our engineering team has extensive experience in AI, automation
and robotics. Our leadership team includes veterans from Uber, Postmates, Waymo,