Serve Robotics (Nasdaq: SERV), a San Francisco, CA-based autonomous robotic delivery company, acquired Vebu, a provider of an automation and robotics solutions for restaurant partners.
The amount of the deal was not disclosed.
Led by CEO and Founder Buck Jordan, Vebu is a full stack automation, robotics, and intelligence company focused on building technology solutions for and with the broad food industry via its team of experts spanning engineering, robotics, artificial intelligence, and product development.
The acquisition is expected to strengthen Serve’s competitive position by providing its restaurant partners with a suite of automation solutions and expanding the offering beyond delivery into back-of-house automation. Vebu will help Serve become a more integral partner to restaurants, accelerating partner adoption as Serve expands its geographic footprint in new cities across the U.S. In addition, by introducing Vebu’s back-of-house automation to its existing offering, the company intends to open up new market opportunities by addressing a broader range of operational needs for restaurants. This aligns well with Serve’s recent expansion into delivery over all distances through its partnership with Wing Aviation, together making Serve one of the most comprehensive automation providers in the restaurant industry. Finally, Vebu’s existing partnership with restaurant companies such as Chipotle will extend Serve’s existing business relationships, which include Shake Shack and 7-Eleven, among others.
Led by CEO Dr. Ali Kashani, Serve develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. The company has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.
FinSMEs
08/11/2024