Announcement of artificial intelligence technological solutions
Detroit, Michigan, December 16, 2021 (GLOBE NEWSWIRE) – Artificial Intelligence Technology Solutions, Inc., (OTCPK: AITX), a global leader in AI-powered security and productivity solutions for enterprise customers, announced that its subsidiary, Robotic Assistance Devices Mobile Inc. (RAD-M ), is committed to producing an intelligent autonomous delivery vehicle based on RAD-M’s ROAMEO technology.
“The development of this product has been something we’ve wanted to nurture for some time, and I’m delighted to be able to make the official announcement today,” said Steve Reinharz, CEO of AITX. “ROAMEO was designed as a platform with this app and others 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. The other solutions currently offered on the market are often remotely controlled, which considerably dilutes their ability to save human labor and create the best possible return on investment. The RAD-M delivery vehicle will operate primarily autonomously, with minimal human support required.
According to Quince Market Insights, the global market size for delivery robots was valued at $ 300.2 million in 2021 and is expected to grow at a CAGR of 30.3% through 2030. The demand for autonomous delivery vehicles has dramatically increased has grown in recent years as retailers, restaurant operators, and other businesses struggle to find contactless delivery methods that can reduce costs, increase efficiency, and cover the last mile of delivery.
Other manufacturers in this space have been successful in raising capital as they finalize production and test in local markets. In 2020, Nuro raised $ 500 million in a Series C fundraiser, led by T. Rowe Price Associates Inc. Alphabet’s Waymo was involved in a $ 3 billion external fundraiser. Start-up Coco closed with $ 36 million in funding in August 2021. “I firmly believe that there is a lot of room for a market leader in the delivery robot industry that caters to communities and to underserved traders. RAD-M has the huge opportunity to create the best user experience and bring last mile delivery to the general public, ”added Reinharz.
The company has confirmed that the as yet unnamed, specialized delivery robot will be built on the basis of its recently improved ROAMEO platform. ROAMEO is a mobile security robot that stands almost 7 feet tall and weighs over 700 pounds. ROAMEO’s size and size lend themselves well to last mile delivery services. The delivery robot will house multiple hot and cold storage compartments, making it ideal for deliveries to multiple end users in a single run. “Several of our existing ROAMEO customers and prospects have shown great interest in a large last mile delivery robot. ROAMEO is the ideal platform on which we can build this robot, ”continued Reinharz.
The company plans to announce exciting partnerships for this solution during 2022. The company also expects the first deliveries of the RAD-M autonomous delivery vehicle scheduled for late 2022.
“We are heading into 2022 with excellent and efficient engineering and software development teams. We will continue to aggressively develop these teams. Now is the time to seize these self-sustaining delivery markets and we will not slow down, ”continued Reinharz. “The goal remains to build a large company offering a variety of solutions that leverage AI and specially designed hardware to complement and augment human-related activities. The need is greater than ever, as many of these jobs cannot or can no longer be performed by humans. “
To help finance the growth of the Company, the Company will continue to raise capital under its current S-3 registration. The Company allocates 400 million existing shares for this phase. “Communicating our plans and goals is a hallmark of AITX. I expect this capital increase to help finance development, operations and accelerate the opening of new large-scale markets that could provide 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 guard services industry with its broad range of innovative business models solutions as a service. RAD solutions are specifically designed to enable enterprises to achieve savings of between 35% and 80% over the current and expensive model of human security surveillance and surveillance. RAD delivers these huge savings through a suite of stationary and mobile robotic solutions that complement, and sometimes directly replace, the need for human personnel in better machine-friendly environments. All RAD technologies, AI-based analytics and software platforms are developed in-house.
CAUTIONARY DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made in accordance with the sphere of security. provisions of the Private Securities Litigation Reform Act of 1995. Statements in this press release other than statements of historical fact are “forward-looking statements” which 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 meet its obligations, to provide working capital requirements from operating revenues, to obtain the additional financing necessary for any future acquisitions, to meet competitive challenges and technological changes, to achieve business objectives and financial, including projections and forecasts, and other risks. Artificial Intelligence Technology Solutions assumes no obligation to update any forward-looking statement and / or to confirm the statement (s) with actual results or changes in expectations of Artificial Intelligence Technology Solutions.
About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in providing artificial intelligence-based solutions that empower organizations to gain new knowledge, solve complex challenges, and fuel new business ideas. With its next-generation robotic product offerings, AITX’s RAD, RAD-M, and RAD-G companies help organizations streamline operations, increase return on investment, and strengthen businesses. AITX technology improves the simplicity and economy of patrol and guard services and allows experienced personnel to focus on more strategic tasks. Customers expand the capabilities of existing staff and gain higher levels of situational awareness, all at a significantly reduced cost. AITX solutions are well suited for use in many industries such as business, 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.
Artificial Intelligence Technology Solutions, Inc.