Serve Robotics Inc (NASDAQ:SERV) shares are trading higher. The company on Wednesday unveiled its latest autonomous delivery robots.
What Happened: Serve Robotics announced its third-generation autonomous delivery robot with significantly enhanced capabilities and substantially lowered costs.
Serve said it has started manufacturing its new robots and is on track to deploy 2,000 units on Uber Technologies Inc's (NYSE:UBER) Uber Eats platform in 2025 across multiple markets in the United States.
The third-generation delivery bot can move approximately twice as fast and travel approximately twice as far on a single charge than its predecessor. The company also noted that it significantly enhanced its autonomous robot through the addition of Nvidia Corp's (NASDAQ:NVDA) Jetson Orin module, Ouster's new REV7 digital lidar and major upgrades to sensors.
Nvidia reported a 10% stake in the robotics company in July. Shares are up more than 270% over the last three months.
The hardware advancements are expected to enable the third-generation robots to deploy Serve's newest AI model architecture, embed new AI capabilities and execute autonomous navigation decisions faster.
"Producing a cutting-edge robot that can drive faster and further while running 5 times more AI and slashing costs by half is a true engineering feat," said Ali Kashani, co-founder and CEO of Serve Robotics.
"Our new robot puts Serve significantly down the cost curve and ahead of the competition as we roll out one of the largest autonomous fleets in the country in the coming months."
Serve said the robot upgrades will help support national scaling. The company plans to deploy its newest robots in Los Angeles and one new metro market in the coming months.
Serve Robotics went public via reverse merger with Patricia Acquisition Corp. According to TechCrunch, Serve Robotics was initially started as the robotics division of Postmates. The autonomous sidewalk robots started delivering to Postmates customers in 2018, but when Uber acquired Postmates in 2020, the robotics division was spun out as Serve Robotics.
SERV Price Action: Serve Robotics shares were up 5.43% at $9.13 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Serve Robotics.
