Serve Robotics Adds Grubhub Partnership, Expands to Two New Markets
SERV sits 27% above its 52-week low of $4.32.
Summary
Serve Robotics announced a Grubhub partnership and expansion into two new markets, alongside new products, aiming to diversify beyond its struggling Uber Eats channel.
Key Events · M&A and Partnerships · SERV
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Grubhub Partnership
Robot delivery will be provided on the Grubhub marketplace starting in Chicago, Los Angeles, and Alexandria, with over 100 merchants in Chicago and nearly 200 in Los Angeles.
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Two New Markets
Launched in Washington, DC and San Jose, CA with DoorDash, adding 8 million population coverage and bringing total major markets to eight.
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Micro-Depot Model
First micro-depot opening in Miami, a low-cost, small-footprint site for robot staging, charging, and dispatch to accelerate neighborhood expansion.
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Moxi 2.0 Rollout
Diligent Robotics begins rolling out Moxi 2.0 hospital robot with 15x faster perception, 10x onboard compute, and 18-hour battery life to health systems nationwide.
Analysis · SERV · Technology
A partnership with Grubhub (Wonder) will bring robot delivery to the Grubhub marketplace in Chicago, Los Angeles, and Alexandria. The company also launched in Washington, DC and San Jose, CA with DoorDash, opened its first micro-depot in Miami, and unveiled Moxi 2.0, Beacon, and a new advertising product. This expansion comes after a weak Q2 report where the company slashed full-year guidance due to lower Uber Eats delivery volume, so diversifying delivery platforms is critical to restoring growth.
At the time of this filing, SERV was trading at $5.50 on NASDAQ in the Technology sector, with a market capitalization of approximately $432.7M. The 52-week trading range was $4.32 to $18.64. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.