Arrive AI from Fishers Files Paperwork for Public Offering

Fishers-based company, Arrive AI Inc., has filed paperwork to go public on the Nasdaq Global Market through a direct listing. If approved by the SEC and Nasdaq, Arrive expects to start trading under the ticker symbol ARAI in 2025.

Unlike traditional initial public offerings, direct listings allow current shareholders to sell their shares to the public without raising additional capital. Arrive has raised nearly $11 million so far, with $7.3 million coming from crowdfunding and an additional $3.6 million from private investors.

Founder and CEO Dan O’Toole expressed excitement about the opportunities going public will bring. The transition to being listed on the Nasdaq is expected to enhance the company’s credibility and open up new avenues for growth.

Arrive, initially known as DroneDek Corp., moved its operations to Fishers from Lawrence in the past year. The company, which currently operates from Launch Fishers coworking facility, has plans to expand its team of 20 employees and 10 contract workers once it becomes public.

Although Arrive has not yet generated revenue, it aims to start doing so in 2025. The company specializes in smart mailboxes, secure receptacles designed for mail pickup and delivery from drones or humans. The platform also offers tracking data and logistics controls for shippers, delivery services, and autonomous delivery networks.

Arrive is currently engaged in unpaid trials with various industry players, including a Fortune 500 logistics company, a pharmaceuticals logistics company on the East Coast, and a “Sunbelt innovation campus” exploring use cases for assisted-living communities.

The company plans to target customers in the medical industry initially and expand to other markets later on. This is Arrive’s third attempt to go public, following unsuccessful merger and acquisition deals in the past.

Overall, going public is a significant milestone for Arrive AI Inc., providing the company with a broader platform to raise capital and further its innovative smart-mailbox technology.