Arrive AI’s founder and CEO, Dan O’Toole, with one of the company’s smart mailboxes. | Source: Arrive AI
Arrive AI Inc., an autonomous delivery network anchored by its patented AI-powered Arrive Points, announced last week that it has raised $40 million in funding.
The Indianapolis, Ind.-based company’s autonomous last mile (ALM) platform aims to enable secure, efficient delivery to and from a smart mailbox. This could be by drone, ground robot, or human courier.
The platform provides real-time tracking, smart logistics alerts, and advanced chain-of-custody controls to support shippers, delivery services, and autonomous networks. By combining artificial intelligence with autonomous technology, Arrive AI claimed that it makes the exchange of goods between people, robots, and drones frictionless and convenient.
The company’s system integrates with smart home devices such as doorbells, lighting, and security systems to streamline the entire last-mile delivery experience.
Startup iterates automated delivery
In 2014, Arrive AI CEO Dan O’Toole filed for his first patent for an AI-powered mailbox capable of securely accepting packages delivered autonomously. Since then, he has built a global team, made multiple iterations, and acquired complementary technology to refine the devices now known as “Arrive Points.”
The company, which has amassed nearly 5,000 private investors and raised nearly $12 million, has largely generated capital via crowdsourcing.
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Arrive AI makes partnerships, debuts on Nasdaq
Streeterville Capital LLC provided all of the funding for this round. The investment firm has operations in Utah and Tennessee. It has investments in companies including Cingulate, the Marygold Companies, and Damon Inc.
John Fife, president of Streeterville Capital, said he is intrigued by the vast potential of Arrive AI’s system. In particular, he said it could help solve package-delivery issues like security and efficiency, followed by cost savings.
“This is an exciting answer to problems that are plaguing every industry,” Fife said. “Dan and his crew really saw the future coming and worked quickly to meet needs that are starting to be seen around the world. We’re excited to see how this plays out and are clearly bullish about Arrive AI.”
Arrive AI said its momentum is further underscored by its recent partnership with Hancock Health, which launched robotic medical deliveries to streamline healthcare logistics and enhance patient care. The company said this collaboration demonstrates the real-world impact and versatility of Arrive AI’s platform in critical sectors.
Access to the fresh capital coincided with Arrive AI’s public debut on the Nasdaq on May 15. Trading under the ticker symbol “ARAI,” the company opened its first trading day with stock valued at $40.
“This significant capital injection is one of the reasons we went to the public markets,” said O’Toole. “We celebrate the forward-thinking Streeterville is leading with in their major commitment to our vision.”
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