NEWS PROVIDED BYArrive AI
Jun 19, 2024, 08:32 ET
Latest raise brings the leader in Autonomous Last Mile delivery to more than $11 million in investments
INDIANAPOLIS, June 19, 2024 /PRNewswire/ — Arrive AI, the inventor of the nation’s first AI-powered smart mailbox platform and holder of a first position patent portfolio for the technology, has raised more than $1.5 million in its latest crowdfunding effort.
“We could not be more proud of the validation from our investors voting with their dollars for US! Our investor community is made up of everyday people who see the value in our business model and share our excitement as we approach our public trading debut,” said AI CEO Dan O’Toole. “It’s also, apparently, virtually unheard of to have this level of success with crowdfunding, so that’s another point of pride.”
Launched in 2014 with an idea of providing a secure package delivery point for autonomy, Arrive AI has now raised more than $11 million via individual contributions and three crowdfunding raises, garnering more than $6 million combined over its three raises on WeFunder, StartEngine and PicMii.
Per Fundera, the average successful crowdfunding campaign raised in 2022 was just $824 and the average, fully funded campaign had 300 backers. Arrive AI has more than 5,000 individual contributors.
Arrive AI’s platform solves a longstanding issue of package security and sets the stage for a multitude of other services with its autonomous last mile offerings.
In the U.S. alone last year, more than $1 trillion was spent on e-commerce and more than 21 billion packages were shipped. More than 40 percent of Americans have experienced package theft. The typical stolen parcel was worth about $50. Package thieves poached more than $8 billion in merchandise over the past year.
Arrive AI’s MaaS platform provides a secure receptacle into which traditional mail and packages will be deposited. Only the subscriber and delivery (human or autonomous device) will be able to open the device, which will be securely installed and protected by alarms and video. Because autonomous deliveries will be made via QR Code identification, inaccurate deliveries will be greatly reduced. Subscribers will be able to return packages as easily as they are delivered. Large enterprises like hospital campuses, retirement communities, and business centers can also use the platform to speed deliveries from clinic to laboratory and back to clinics for faster analysis and prognosis.
About Arrive AI
Arrive AI’s patented Mailbox-as-a-Service (MaaS) platform makes the exchange of goods between people, robots and drones frictionless through the use of artificial intelligence, leveraging climate-assisted cargo space, smart alerts and advanced chain of custody controls to secure the last inch of the last-mile for all shippers, delivery services and autonomous delivery networks. Arrive is merging with Bruush to trade as ARRV. See more at Arriveai.com
Media contact: Cheryl Reed, 379320@email4pr.com, 317-446-5240
SOURCE Arrive AI