Serve Robotics Inc. (SERV) stock experienced a 5.36% surge in after-hours trading on Wednesday, fueled by the company's successful fundraising efforts to support its growth plans and accelerate the deployment of its robot fleet.
The robotics company has raised a significant amount of capital in recent months, including $167 million in December 2024 and plans to raise an additional $80 million in January 2025. This influx of funds is crucial for Serve Robotics to execute its ambitious goal of deploying 2,000 robots by the end of 2025, as part of a deal with ride-hailing giant Uber Technologies.
Although a relatively small company with minimal revenue, Serve Robotics has garnered backing from major investors like Nvidia and Uber, bolstering confidence in its long-term vision. The successful fundraising efforts and strategic partnerships have ignited investor enthusiasm, driving the stock's after-hours rally.
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