Detroit, Michigan, Dec. 16, 2021 (GLOBE NEWSWIRE) — Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), a global leader in AI-driven security and productivity solutions for enterprise clients, announced that its subsidiary, Robotic Assistance Devices Mobile Inc. (RAD-M), has committed to produce an intelligent autonomous delivery vehicle based on RAD-M’s ROAMEO technology.
“Developing this product is something that we’ve wanted to greenlight for some time, and I’m thrilled to be able to make the official announcement today,” said Steve Reinharz, CEO of AITX. “ROAMEO was built as a platform with this and other applications in mind. It will be exciting to see how quickly we can bring it to market.”
AITX sees a need in the market for autonomous delivery vehicles for different types of neighborhoods and campuses. Other solutions currently offered in the market are often remotely piloted, which significantly dilutes their ability to save human labor and create the strongest ROI possible. The RAD-M delivery vehicle will primarily operate autonomously, with a minimum amount of necessary human support.
According to Quince Market Insights, the global delivery robot market size was valued at $300.2 million in 2021 and is expected to grow at a CAGR of 30.3% through 2030. Demand for autonomous delivery vehicles has increased dramatically over the past few years as retailers, restaurant operators and other businesses struggle to find contactless delivery methods that can reduce costs, increase efficiencies, and navigate the last mile of delivery.
Other manufacturers in this space have successfully raised capital as they finalize productization and conduct tests in local markets. In 2020, Nuro raised $500 million in a Series C funding round, led by T. Rowe Price Associates Inc. Alphabet’s Waymo participated in one external fundraising round of $3 billion. Startup Coco closed on $36 million in funding in August 2021. “I strongly believe that there is plenty of room for a breakout market leader in the delivery robot sector that addresses the underserved communities and merchants. RAD-M has the enormous opportunity to create the best user experience and bring last mile delivery to the mainstream,” Reinharz added.
The Company confirmed that the yet unnamed, specialized delivery robot will be built based on its recently enhanced ROAMEO platform. ROAMEO is a mobile security robot that is nearly 7 ft. tall and weighs over 700 lbs. ROAMEO’s height and size lend itself well to performing last mile delivery services. The delivery robot will house multiple hot and cold storage compartments making it ideal for multiple end-user deliveries on a single errand. “Several of our existing ROAMEO clients and prospects have indicated a keen interest in a large last mile delivery robot. ROAMEO is the perfect platform for us to build this robot upon,” Reinharz continued.
The Company expects to announce exciting partnerships for this solution over the course of 2022. The Company also expects the first deliveries of the planned RAD-M autonomous delivery vehicle towards the end of 2022.
“We’re heading into 2022 with excellent and efficient engineering and software development teams. We will continue to aggressively grow those teams. The time to seize these autonomous delivery markets is now, and we will not slow down,” Reinharz continued. “The goal remains to build a large company offering a variety of solutions that leverage AI and purpose-built hardware to supplement and augment human-related activities. The need is greater now than ever before as many of these jobs either cannot be or can no longer be filled by humans.”
To help fund the Company’s growth, the Company will continue to raise capital under its current S-3 registration. The Company is allocating 400 million existing shares for this phase. “Communicating our plans and purposes is a hallmark of AITX. My expectation is that this capital raise will help fund development, operations and accelerate the opening of new high-profile markets that could bring excellent exposure to the Company,” Reinharz concluded.
Follow Steve Reinharz on Twitter @SteveReinharz for future AITX and RAD updates.
AITX through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide a cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers this tremendous costs savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are “forward-looking statements” that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, to meet business and financial goals including projections and forecasts, and other risks. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.
About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staffs and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.roboticassistancedevices.com and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
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Steve Reinharz
949-636-7060
@SteveReinharz
