Postmates has confirmed that it has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).
“The size and price range for the proposed offering have not yet been determined,” the company said in a statement. “The initial public offering is expected to commence after the completion of the SEC review process, subject to market and other conditions.”
Bloomberg reported that Postmates has picked JPMorgan Chase and Bank of America as its lead underwriters for the IPO. The company hit a valuation of more than $1.85 billion earlier this year after it raised $100 million from a funding round that included participation from BlackRock, Glynn Capital, Tiger Global and others.
That funding round came after a year of considerable growth for the company, which debuted a delivery robot at the end of last year named Serve that uses cameras and Lidar to navigate sidewalks, but also has a human pilot working remotely who can take control if needed. A “Help” button, touchscreen and video chat display also allow customers or passers-by to call for assistance if an issue comes up.
“We took time to figure out what is the language for the rover and pedestrians to interact with each other. If a robot is at a sidewalk and wants to be able to cross the street, it needs to show its intent to cross,” Ali Kashani of Postmates X Special Projects said at the time.
The robot will be available in various cities over the next year, starting in Los Angeles. Customers access their deliveries by unlocking Serve’s cargo hatch with their phone or a passcode, or the robot can pick up food from restaurants and bring it to a dispatch hub so delivery people can take care of the last mile.
“Somehow as a society we’re OK with moving a 2-pound burrito with a 2-ton car. All the energy is used to move the car, not the burrito, and there’s all the congestion it introduces,” added Kashani.