Serve Robotics Inc. (SERV), an autonomous sidewalk delivery company, on Monday announced that has acquired Vayu Robotics, Inc., an urban robot navigation company to accelerate safer, faster, and more adaptable last-mile delivery across new markets and use cases.
The acquisition terms include an upfront payment to Vayu stockholders of 1,696,069 Serve common shares.
An additional 560,000 shares may be issued as an earnout tied to autonomy performance milestones.
The deal also includes warrants for 4,000,000 Serve common shares at an exercise price of $10.36 per share, issued to Vayu SAFE holder Khosla Ventures.
The company's acquisition of Vayu strengthens its leadership in the fast-growing "physical AI" space and marks a milestone in its mission to transform autonomous delivery.
Additionally, Silicon Valley technologist Vinod Khosla and Vayu's lead investor, will join Serve's Advisory Board to advance its mission of deploying robots in cities worldwide.
In the pre-market trading, Serve Robotics is 1.96% higher at $9.90 on the Nasdaq.
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