Smart mailbox and parcel delivery locker technology provider Arrive is preparing to go public on the Nasdaq stock exchange and could begin trading under the ticker symbol “ARRV” as soon as early 2024, the company said Tuesday.
The Indianapolis-based firm was founded under the name “Dronedek” but rebranded to its new name in May. To date, it has relied on crowdsourcing for funding, and has raised more than $8.5 million in backing from more than 4,700 investors.
“It’s no secret that we’ve been gearing up to go public,” Arrive Founder and CEO Dan O’Toole said in a release. “It’s the natural next step for us as we prepare to roll out our smart mailboxes for use by consumers and companies building their autonomous delivery networks.”
Arrive says its goal is to revolutionize last-mile delivery and pickup by building a network that supports autonomous drone and robotic delivery. The company says its mailbox-as-a-service (MAAS) platform and infrastructure solutions empower autonomous delivery networks (ADNs) to operate more efficiently with secure and climate-assisted cargo space, smart alerts, and chain of custody.
In Arrive’s view, the use of smart mailboxes and autonomous delivery services would not only make package delivery more efficient but would also help to reduce greenhouse gas (GHG) emissions by reducing the vehicular traffic currently needed to bring parcels to households.
The company is part of a growing sector of firms providing package delivery lockers in settings from retail stores to street corners to apartment building lobbies. While other locker vendors don’t support autonomous delivery, they likewise shift last-mile driving routes from individual doorsteps to shared storage sites. Other players include legacy vendors like Bell and Howell LLC and the e-commerce giant Amazon, as well as fellow startups like Texas-based Fetch Package Inc. and the Estonian company Cleveron AS.