Uber Technologies Inc.- and Nvidia Corp.-backed sidewalk delivery robots company Serve Robotics Inc. made its debut on the Nasdaq today, and unfortunately for investors, it wasn’t a great debut as shares in the company closed down more than 22% from the $4-per-share listing price on its first day of trading.
Previously known as Postmates X, Serve Robotics was spun off by Uber as a standalone company in 2021 a year after Uber acquired food delivery provider Postmates Inc. in a $2.66 billion deal in 2020.
Serve Robotics offers delivery robots that are boxes on four wheels designed to navigate an urban environment, including sidewalks. The robots can carry up to 50 pounds of merchandise for 25 miles on a single charge, said to be enough to make more than a dozen deliveries per day.
The robots navigate to their destinations with the help of a sophisticated sensor array that uses technologies, including lidar and sonar, to map…
