Per a
TechCrunch report
,
Uber Technologies, Inc
.
UBER
has spun out Postmates X, the robotics division of delivery startup Postmates, which it acquired in December 2020.
Postmates X has spun off as an independent company called Serve Robotics. The company has raised seed funding, led by venture capital firm Neo. Some of the other investors include Uber, Long Journey Ventures, Western Technology Investment and Postmates co-founders Bastian Lehmann and Sean Plaice, among others.
The TechCrunch report stated that Serve Robotics would continue to be run by its previous head and leader of the serve program, Ali Kashani. The company is set to start operations with 60 employees and will be headquartered in San Francisco, CA.
The spin-off is in line with Uber’s strategy to shed side businesses and focus on its profitability goal. Notably, the company expects to reap profits on an adjusted EBITDA basis by the end of 2021. In January, the company sold its flying taxi unit, Uber Elevate, to Joby Aviation. As part of the deal, Uber has invested $75 million in Joby. In the same month, it also offloaded its self-driving unit, Advanced Technologies Group or ATG, to Aurora Innovation. Uber has invested $400 million in Aurora to get a 26% stake in the company.
Zacks Rank & Key Picks
Uber carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the
Internet – Services
space are
Etsy, Inc
.
ETSY
,
Shopify Inc
.
SHOP
and
Facebook, Inc
.
FB
. While Shopify sports a Zacks Rank #1 (Strong Buy), Etsy and Facebook carry a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here
.
While shares of Etsy and Shopify have rallied more than 100% each in a year’s time, Facebook’s shares have gained more than 35%.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report