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Artificial Intelligence Technology Solutions, Inc. develops AI-driven security and productivity solutions through subsidiaries including Robotic Assistance Devices, Inc. The company’s updates commonly cover autonomous security devices such as RIO, RIO Mini, ROSA, AVA, ROAMEO, RADCam and related platforms, along with SARA, its Speaking Autonomous Responsive Agent software.
AITX news frequently addresses customer deployments, product demonstrations, industry conferences, recurring monthly revenue, enterprise sales activity and financial reporting. Reported end markets include construction, data centers, hospitality, government, transportation, critical infrastructure, education, healthcare and residential security.
AITX, through its subsidiary Robotic Assistance Devices (RAD), has partnered with SekurCorp as an authorized dealer, marking a significant step in expanding its market reach. SekurCorp, based in Canada, has placed an order for RAD's AVA device, which enhances security operations by replacing traditional guarding staff with advanced technology. CEO Steve Reinharz emphasized the need for AI solutions in the wake of workforce changes, while RAD's president expressed optimism for ongoing business opportunities. This partnership underlines RAD's commitment to innovation in security services.
Artificial Intelligence Technology Solutions has announced that a major US regional airport plans to deploy two SCOT security devices from its subsidiary Robotic Assistance Devices (RAD). This deployment is aimed at enhancing airport security in busy areas, including baggage claims and curbside pickups. The airport serves approximately 15 million passengers annually. The SCOT devices perform various security and concierge functions, providing critical information and emergency response capabilities. Future deployment announcements are anticipated.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) filed its quarterly report on Form 10-Q for the period ended November 30, 2021. The report highlights a remarkable 315% revenue growth with an increase of over $800,000 compared to the previous year. AITX raised $9.4 million from debt and $8.5 million from common shares, enhancing its liquidity with a current ratio improvement from 0.27 to 0.96. The company significantly boosted R&D spending by 912%, totaling $2.1 million, and its device parts inventory surged by 1,980% to $1.3 million.
Artificial Intelligence Technology Solutions (AITX) announced significant updates from its subsidiary, Robotic Assistance Devices (RAD), regarding sales growth and team expansion. The company has entered a Memorandum of Understanding with a major vehicle retailer for deploying security robots, indicating strong market demand. Two ROSA units have been ordered for deployment at a leading online retailer's facility, and a test unit will be introduced at a Fortune 500 company’s distribution center. Additionally, RAD expanded its sales team and development staff to enhance business operations.
Artificial Intelligence Technology Solutions (AITX) announced a partnership with a leading North American communications company to private label RAD's security solutions. This agreement is anticipated to yield a significant opening order, aimed at equipping retail stores with RAD devices for demonstration. CEO Steve Reinharz emphasized the potential of this deal to become a major contract within the next few years. A coordinated marketing rollout is expected in the first half of 2022, targeting thousands of device sales through multiple retail outlets.
Artificial Intelligence Technology Solutions (OTCPK:AITX) has filed a Form 8-K with the SEC regarding a corporate charter amendment. This amendment confirms the company will not conduct a reverse stock split before January 1, 2024, unless uplisting to NASDAQ or NYSE. CEO Steve Reinharz emphasized the commitment to transparency and investor trust, expressing gratitude for community support. The press release also includes cautionary statements about forward-looking risks, particularly concerning operational financing and market competition.
Artificial Intelligence Technology Solutions (OTCPK: AITX) successfully completed its SOC 2 Type 1 examination, affirming its commitment to high standards of data security and protection. Conducted by Geels Norton LLC, the audit confirms AITX's adherence to stringent security, availability, and confidentiality standards. CEO Steve Reinharz emphasized that this marks a significant transition for the company, enhancing trust among Fortune 500 clients. The firm aims for SOC 2 Type 2 certification in 2022, demonstrating its ongoing commitment to data protection and compliance.
On December 17, 2021, Artificial Intelligence Technology Solutions announced that its subsidiary, Robotic Assistance Devices, received an order for 10 ROSA security devices from Vista Security Group. This order signals significant growth for RAD as VSG aims to integrate ROSA devices in a large urban facility affected by theft and vandalism. The latest ROSA 3.0 models will be deployed in January, enhancing RAD's reputation for innovative security solutions that reduce costs while maintaining effective surveillance.
Artificial Intelligence Technology Solutions announced that its subsidiary, Robotic Assistance Devices Mobile, will produce a new autonomous delivery vehicle utilizing the ROAMEO platform. This vehicle aims to meet the growing demand for reliable delivery solutions, especially as the global delivery robot market is projected to reach $300.2 million by 2021, growing at a CAGR of 30.3% through 2030. The company plans to unveil partnerships and deliver the vehicle by the end of 2022, emphasizing that it will significantly enhance last-mile delivery capabilities with reduced reliance on human labor.
Artificial Intelligence Technology Solutions (AITX) announces a significant order from a California casino operator for its ROAMEO 2.0 mobile security robot.
The order follows a successful demonstration at the IAAPA Expo in November 2021, highlighting strong interest from the gaming industry in advanced security solutions. The ROAMEO will patrol parking lots, enhance security and customer service for casino guests. AITX's RAD subsidiary is experiencing a robust sales pipeline, reinforcing its position in the robotics market.