Serve Robotics, a company specializing in sidewalk delivery robots, has secured an additional $80 million in funding through a direct offering of 4.2 million shares of common stock. This latest injection of capital comes on the heels of $86 million in gross proceeds raised in December 2024, bringing the total amount to $166 million.

The company, which went public earlier this year via a reverse merger, expects the $80 million offering to close on Tuesday, subject to certain closing conditions. While Serve Robotics has not disclosed specific plans for the new funding, it has stated that the proceeds will be used towards working capital.

In December, Serve Robotics raised $86 million through a combination of an at-the-market facility and the exercise of warrants. This capital will be used to extend the company's operational runway through the end of 2026. The funds will enable Serve Robotics to self-fund equipment investments, eliminating the need for equipment financing and associated servicing costs.

The latest funding round is a significant boost for Serve Robotics, which has been working to establish itself in the competitive delivery robot market. With this new capital, the company will be able to accelerate its growth plans and further develop its technology.

The investment is also a testament to the confidence of investors in Serve Robotics' vision for sidewalk delivery robots. As the company continues to expand its operations, it is likely to have a significant impact on the logistics and delivery industries.

This development is particularly noteworthy given the backing of Uber, which has a significant stake in the success of Serve Robotics. The ride-hailing giant has been investing heavily in autonomous delivery technologies, and Serve Robotics is a key player in this space.

As the company continues to grow and develop its technology, it will be interesting to see how it plans to utilize this new funding to drive innovation and expansion. With its operational runway now extended through 2026, Serve Robotics is well-positioned to make a significant impact in the years to come.

This story is developing, and we will continue to provide updates as more information becomes available.