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 …….
