Releases Details

• Delivery service now covers Koreatown, Los Angeles
• Expanded supply agreement signed to equip 2,000 robots with upgraded lidar hardware to support scaling of robotic fleet

SAN FRANCISCO, June 27, 2024 /PRNewswire/ -- Serve Robotics Inc. ("Serve") (Nasdaq: SERV), a leading autonomous delivery robotics company, today announced the expansion of its delivery operations into Koreatown as part of a long-term plan to broaden its geographic reach in Los Angeles and across the U.S. Additionally, in preparation for the scale up of its fleet for future expansions, Serve announced the expansion of its lidar supply agreement with Ouster, Inc. ("Ouster") to equip its next-generation robots with upgraded sensors for enhanced performance.

Serving Koreatown

"Tens of thousands of households in Los Angeles have experienced the convenience of autonomous delivery, with many hundreds of restaurants on Uber Eats serving their customers in a more sustainable and reliable way," said Serve co-founder and CEO, Dr. Ali Kashani. "We're excited to bring Serve to more customers in Los Angeles and beyond, as we scale our fleet and work to deploy up to 2,000 robots in 2025."

In June, Serve began onboarding local merchants in partnership with Uber Eats. Today, Koreatown residents ordering on Uber Eats may have their orders fulfilled by a Serve delivery robot.

Serve selected Koreatown for its dense and vibrant commercial hub, growing residential community, and robust sidewalk infrastructure to support robotic delivery. Serve's coverage expansion follows ongoing collaboration with Los Angeles city government and local stakeholders.

Expanded Lidar Supply Agreement

As part of the expanded lidar supply agreement, Serve Robotics will continue to outfit its fleet with digital lidar, using Ouster's new REV7 sensors for optimal performance. Lidar plays a critical role in Serve's autonomy stack, enabling its robots to perceive their environment, identify their precise location, and safely navigate alongside pedestrians and other sidewalk users. Serve anticipates the new sensors will improve the safety, speed and cost effectiveness of its fleet.

"Ouster's lidar has been integral to our success in commercializing Level 4 autonomy at scale," said Serve Robotics' Chief Hardware and Manufacturing Officer, Euan Abraham. "We've been impressed by the reliability and performance of lidars over the past several years and are excited to sign an extended agreement that provides us with cutting-edge technology for our next-generation robot."

About Serve Robotics

Serve Robotics 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. Serve 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.

For further information about Serve Robotics (Nasdaq: SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Serve intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act. These forward-looking statements can be about future events, including statements regarding Serve's intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Serve's expectations with respect to the financial and operating performance of its business, its capital position, and future growth. The words "anticipate", "believe", "expect", "project", "predict", "will", "forecast", "estimate", "likely", "intend", "outlook", "should", "could", "may", "target", "plan" and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Any forward-looking statements in this press release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include those risks and uncertainties set forth in Serve's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission (the "SEC") and in its subsequent filings filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Serve undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Contacts

Aduke Thelwell
Head of Communications
Serve Robotics
aduke.thelwell@serverobotics.com
347.464.8510

CORE IR
investor.relations@serverobotics.com

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SOURCE Serve Robotics Inc.