Serve Robotics buys Vayu Robotics

Autonomous sidewalk delivery company Serve Robotics (NASDAQ:SERV [https://seekingalpha.com/symbol/SERV]) has acquired Vayu Robotics, a company specializing in AI-driven urban robot navigation.

Serve Robotics paid Vayu stockholders about 1.7M shares of its common stock in upfront initial consideration, with an additional future earnout for another 560K shares if certain performance goals are met.

Additionally, the acquisition consideration included warrants to purchase 4M shares at an exercise price of $10.36/share, issued to the Vayu SAFE holder, Khosla Ventures.

Following the acquisition, Serve will continue to have a strong balance sheet and expects to continue to have access to sufficient capital.

“With this acquisition, Serve solidifies its leadership position, not just in current robotic delivery operations, but in shaping the future of autonomous robotic navigation. This step marks a significant milestone in Serve’s roadmap toward wide-scale deployment of autonomous robots on sidewalks across the nation, aligning with industry predictions of rapid robot adoption,” said Ali Kashani, CEO and co-founder of Serve Robotics.

In addition, Vayu’s lead investor, Vinod Khosla, will join Serve’s Advisory Board to support its mission of bringing robots to cities across the world.

SERV +3.5% premarket to $10.05

Source: Press Release [https://seekingalpha.com/pr/20203380-serve-robotics-acquires-vayu-robotics-to-pioneer-ai-foundation-model-based-autonomy-for-last]

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