As robotic deliveries proliferate across college campuses and urban areas, so too are the companies building such systems. Artificial Intelligence Technology Solutions Inc. last week announced that its Robotic Assistance Devices Mobile Inc. subsidiary plans to produce an intelligent autonomous delivery vehicle based on its 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,” said Steve Reinharz, CEO of Artificial Intelligence Technology Solutions (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.”
Through its Robotic Assistance Devices (RAD), RAD-M (for mobile), and RAD-G (group for remote services) units, AITX said it offers AI and robotics to help organizations streamline operations, increase return on investment (ROI), and strengthen their business. The company added that its mobile robots can provide situational awareness to affordably augment existing security staffs. AITX said its systems are also suitable for use in government, transportation, critical infrastructure, education, and healthcare.
AITX recognizes delivery robot demand
The global market for delivery robots was valued at $300.2 million in 2021 and will experience a compound annual growth rate (CAGR) of 30.3% through 2030, according to Quince Market Insights. Demand for autonomous 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.
Other manufacturers in this space have successfully raised capital as they finalize productization and conduct tests in local markets. For example, Nuro raised $600 million in a Series D funding round, Alphabet's Waymo participated in one external fundraising round of $3 billion, and startup Coco closed on $36 million in funding in August 2021.
Other delivery vehicles currently on the market are remotely piloted, “which significantly dilutes their ability to save human labor and create the strongest ROI possible,” claimed Artificial Intelligence Technology Solutions. The company said its RAD-M delivery vehicle will primarily operate autonomously, with a minimum amount of necessary human support.
“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,” Reinharz said. “RAD-M has the enormous opportunity to create the best user experience and bring last-mile delivery to the mainstream.”
Delivery robot to built on ROAMEO security platform
Artificial Intelligence Technology Solutions confirmed that its 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. (2.1 m) tall and weighs over 700 lbs. (317.5 kg).
ROAMEO’s height and size lend itself well to performing last-mile delivery services, said AITX. The delivery robot will house multiple hot and cold storage compartments, allowing 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, noted Reinharz. “ROAMEO is the perfect platform for us to build this robot upon.”
The company said it expects to announce exciting partnerships for this solution over the course of 2022. AITX 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.”
Artificial Intelligence Technology Solutions continues fundraising
Artificial Intelligence Technology Solutions said it plans 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,” said Reinharz. “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.
Through its RAD subsidiary, AITX said its AI-driven, solutions-as-a-service or robotics-as-a-service (RaaS) business model can provide a cost savings of 35% to 80% over existing staffed guarding models in the $25 billion (U.S.) security industry. The company has developed all of its stationary systems, mobile robots, and analytics platforms in house.
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