Serve Robotics Unveils Advanced Gen3 Autonomous Delivery Robots, Paving the Way for Nationwide Expansion

What's Going On With Serve Robotics Stock Wednesday? - Serve Robotics (NASDAQ:SERV), NVIDIA (NASDAQ:NVDA)

Serve plans to deploy its newest robots in Los Angeles and one new metro market in the coming months. Serve Robotics Inc 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 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 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. See Also: Jensen Huang Inches Closer To Top 10 Richest People In The World: Here's How Much More He Needs, How Much Nvidia Stock Must Rise 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. Market News and Data brought to you by Benzinga APIs

Why Serve Robotics Shares Are Moving Today - Serve Robotics (NASDAQ:SERV), NVIDIA (NASDAQ:NVDA)

Shares of Serve Robotics Inc. SERV rose Friday after Northland Capital Markets analyst Michael Latimore initiated coverage on the stock with an Outperform rating and a $16 price target. What To Know: Latimore noted that Serve Robotics is at the forefront of physical AI, focusing on autonomous mobile robots for public spaces, with a key use case in food delivery. The analyst explained that Serve's robots offer efficient delivery methods, reducing costs from around $10 per delivery via car to just a couple of dollars with the robots. He also reported that these robots have a 99.8% success rate, which he stated is higher than human delivery performance. Latimore further highlighted that the company's technology is based on proprietary data, algorithms and expertise in areas such as lidar and video AI. Latimore noted that Serve Robotics has significant backing from companies like Uber Inc. UBER and NVIDIA Inc. NVDA and is expected to launch 2,000 robots by Fiscal-year 2025. He reported that Serve's revenue is projected to grow to $15.6 million in Fiscal-year 2025 and $60.8 million in Fiscal-year 2026, with the company expected to break even. The analyst explained that the market for autonomous mobile robots, particularly in food delivery, is still emerging but offers a large total addressable market. SERV Price Action: Serve Robotics shares were up by 9.02% at $9.33 at the time of writing, according to Benzinga Pro. See Also: Activision Fixes Call Of Duty's Ricochet Glitch That Wrongly Targeted Players Photo Credit: Courtesy of Serve Robotics, Inc. Market News and Data brought to you by Benzinga APIs

Serve Robotics unveils Gen3 autonomous delivery robots to help scale services across the US

Autonomous sidewalk delivery specialist Serve Robotics has just unveiled its third generation of robots that are faster, smarter, tougher, and a fraction of the cost to manufacture. With production now underway, Serve looks to deploy these upgraded delivery robots soon as a critical component in its plans to expand its services across the entire United States. Serve Robotics ($SERV) is a developer of autonomous AI-powered sidewalk delivery robots spun out as an independent company from Uber in 2021. Investors include NVIDIA, 7-Eleven, and Uber Eats, which partnered with its former entity to begin offering autonomous robot deliveries to select customers around Los Angeles. That initial 2022 transaction included the deployment of up to 2,000 delivery robots before Serve Robotics expanded its relationship with Uber Eats by signing a deal with Shake Shack to offer select customers in Los Angeles robot deliveries. Most recently, Serve's Gen2 robots have been deployed for testing with drone delivery operator Wing to explore autonomous robot-to-drone deliveries. According to the partners, Wing deliveries will be able to be picked up by a Serve delivery robot from the curb or sidewalk in front of a participating restaurant, then delivered autonomously to a Wing drone AutoLoader nearby before it is delivered by air to customers as far as 6 miles away. While Serve explores air deliveries with Wing, it has also kept a keen focus on what it knows best -- autonomous sidewalk deliveries. Today, the company unveiled its Gen3 delivery robot, which has seen some major improvements inside and out. According to details shared by Serve Robotics today, its next generation of autonomous sidewalk robots has seen a complete overhaul in nearly every category, all for the better. For instance, its cargo space gained 2 gallons (+15%) of additional volume and can now transport four 16-inch pizzas. The new delivery robot also saw a 67% increase in battery capacity, boosting its all-electric range from 23 miles (10 hours) in Gen2 to 48 miles (14 hours) in the Gen3 model. The exterior was bolstered to support more inclement weather ranging from -4 to 113℉ and heavy rain, and its new suspension offers a smooth ride to keep hot meals safer in transit. The all-terrain drivetrain also saw improvements, bringing the delivery robot's top speed up from 7mph to 11mph (+60%), with the ability to stop 40%more quickly. Improved sidewalk safety is also the result of quicker reaction times and ultra-fast decisions, thanks to the Gen3 robot's major sensor suite upgrades, including an NVIDIA Jetson Orin chip and Ouster REV7 digital LiDAR. All of the improvements are impressive in their own right, but the most newsworthy aspect of Serve's Gen3 robot debut is arguably the fact that it implemented all these upgrades while cutting manufacturing costs in half. Serve Robotics co-founder and CEO Dr. Ali Kashani elaborated: 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. I am proud of what our team has accomplished with our third-generation robot, which represents the culmination of years of relentless effort. 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 shared that Gen3 robots are already being assembled in North America with the help of contract manufacturer Magna International. The initial rollout will include 2,000 autonomous robots to new cities in 2025 through Serve's continued partnership with Uber Eats. That will begin in Los Angeles and "one new metro market" that has yet to be shared, but Serve intends to continue to expand its fleet of delivery robots across the entire US someday. You can see more of the Gen3 robot in Serve's video below:

Serve confirms delivery by robot expansion plans with Gen3 rollout

The last time we checked in at Serve Robotics, the Uber-backed company had partnered with Alphabet's Wing for a robot-to-drone delivery service in Dallas. That was with Serve's Gen2 bot, but a faster, smarter and more robust model has just launched. The third-generation delivery robot from Serve Robotics comes with five times more processing power than before courtesy of NVIDIA's Jetson Orin module, which is able to make "ultra-fast decisions" with the help of the new Ouster REV7 LiDAR up top plus "major upgrades to the robot's sensor suite." The hardware is complemented by the company's latest and greatest AI architecture. This should see faster execution of autonomous navigation decisions, as well as improved reaction times for collision avoidance and emergency braking while out on delivery. This is probably just as well given a 60% increase in motor-driven top speed to 11 mph (4.9 m/s). Larger wheels, built-in suspension and boosted water resistance have been cooked in too - which "expands the robot's ability to maneuver confidently in a wider range of weather conditions." The bigger bot also boasts 67% more battery capacity than the previous generation, for up to 14 hours of per-charge operation or 48 miles (77 km) of Level 4 autonomous operation before needing to be plugged in. And rounding out the key improvements is a 15% increase in cargo capacity, which is reckoned enough for four 16-inch pizzas instead of the Gen2's four 14 inchers. "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 Serve's CEO and co-founder, Dr. Ali Kashani. "I am proud of what our team has accomplished with our third-generation robot, which represents the culmination of years of relentless effort. 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 says that the much-improved delivery bot will support its expansion plans across the US. That will start with thousands of Gen3 delivery bots being deployed on the Uber Eats platform from next year. The video below has more.