Iveda Awarded $3.2M Contract for Confidential Application by Taiwanese Government Agency
IVDA Boasts several recent global contract wins, including expansions in Egypt and deals in the Philippines and Vietnam––worth millions of dollars of revenues and gross profits to Iveda in 2024 and recurring revenue for years to come
Hello Everyone,
Iveda® has been offering cloud video surveillance technologies to service providers. Today, Iveda is at the forefront of Digital Transformation of many cities across the globe. Our IoT platform with smart sensors and devices were specifically developed for service providers for smart home and smart city solutions. Likewise, our IvedaAI™ intelligent video search technology adds critical intelligence to normally passive video surveillance systems.
David Ly, our visionary chairman and CEO, founded Iveda in 2003. Under his leadership, Iveda has evolved into a mature, global organization, partnering with service providers for mass distribution of cloud video surveillance as service,
utilizing our Sentir platform. Iveda continuously innovates and remains committed to our vision of providing cloud-based technology on a global scale.
Our core values and commitment to excellence define the framework and alignment of our fundamental business strategies and ethical practices. We earned our continued success through our dedication to customer satisfaction and ethical standards of honesty, integrity, and mutual trust.
At Iveda we believe that our success depends on putting our customers first. By paying close attention to customers’ needs, we are able to respond with the
best products and services.
Iveda is based in Mesa, Arizona with a wholly-owned subsidiary in Taiwan. Iveda has been a publicly-traded company since 2009, under the ticker symbol IVDA.
According to The Maxim Group Equity Research Analyst, Iveda Solutions, Inc. (NASDAQ: IVDA) has +300% upside potential, based on the analysts’ $3.00 price target.
Not only are their technicals screaming breakout, the company also just released big news which is about to start gaining the streets attention!
The Company has several potential bullish catalysts in play right now, and is on the verge of Disrupting a $5.6 Bln Global AI in video surveillance industry with exciting news just announced.
Iveda announced JV (joint venture) to partner with 100 Philippines government units across the region to modernize key infrastructure for improved public safety and more. Following the success of its Iveda Safe City presentations throughout 2023, with cities across the nation witnessing the potential of Iveda’s innovative solutions, several city budgets across the region are gearing up to integrate IvedaAI into their operational frameworks in 2024.
Cities in this initiative include Cebu (the largest in the Philippines), Bacolod, Iloilo, and Davao, marking a significant stride towards a safer and more technologically advanced urban landscape.
As Iveda continues enabling metropolitan areas across the globe to achieve true smart city status, Iveda Philippines remains critical in the facilitation of relationships necessary to execute mutually beneficial, long-term contracts.
Bolstering Philippine President Ferdinand “Bongbong” Marcos Jr.’s efforts to drive infrastructure development in the region, this JV reflects the strong commitment from cities to leverage Iveda’s AI solutions, emphasizing their trust in the capabilities of the technology, particularly to enhance public safety and city management.
“This ambitious goal underscores Iveda’s dedication to driving advancements in AI technology and making a substantial impact on the landscape of smart cities in the Philippines,” said David Ly, Iveda CEO and founder. “As the nation moves towards embracing cutting-edge technologies, Iveda Philippines stands at the forefront, paving the way for a future where AI seamlessly integrates with city governance. Iveda Philippines will emerge as a trailblazer in 2024, propelling the nation towards a more secure, efficient, and technologically-empowered future.
As Iveda continues to scale its global footprint, we affirm our position as a leader in the AI sector, leveraging groundbreaking technologies to create a smarter and safer world for all.”
To Management’s Knowledge Iveda Solutions (NASDAQ: IVDA) Is The Only Major Provider of Enterprise Class Real-Time Video Surveillance in The U.S.
Iveda Solutions, Inc. developed Sentir, a revolutionary Software as a Service video management platform, which enables companies such as telecom, cable, Internet, and other utility companies with subscribers already paying for monthly services, to offer cloud video surveillance services for additional recurring monthly revenue.
MegaSys, Iveda’s Taiwanese subsidiary, specializes in deploying video surveillance systems for airports, commercial buildings, government customers, data centers, shopping centers, hotels, banks, and Safe City initiatives in Taiwan and other neighboring countries. MegaSys integrates security surveillance products, software and services to provide integrated security solutions to the end user. Most of MegaSys’s revenues are derived from one-time sales, which differs from Iveda’s business model of on-going video hosting, remote video storage, and real-time surveillance revenues.
MegaSys does not own any proprietary technology or intellectual property other than certain trademarks in China and Taiwan used in its business. MegaSys serves as Iveda’s research and development arm, with in-house developers, as well as managing and directing its technology partner. MegaSys also manages relationships with manufacturers to find new devices to enable Iveda’s cloud video hosting services.
Historically, Iveda Solutions, Inc. has derived revenues from security systems integration, equipment sales and installation, conversion of analog cameras to digital, and per hour, per camera service fees from video hosting and real-time surveillance. Additional revenues are derived from extended video storage and extended maintenance contracts.
Iveda Solutions, Inc. has grown only through direct sales of equipment/installation and video surveillance services through its direct sales team. Since June 2012, Iveda has been developing its indirect sales channel using independent agents and security integrators. Iveda has been in active communication with telecommunications companies in Asia and Africa and expects to sign an agreement with them for reselling of Iveda’s cloud video hosting services.
Iveda Solutions, Inc. currently has a signed agreement with a Mexico-owned company based in the U.S. As the reseller channel matures, Iveda’s channel partners are expected to take over its equipment sales and installation functions, and help drive Iveda’s recurring service revenue.
After months of rigorous application and due diligence process, in April 2009, Iveda Solutions, Inc. was approved as a Qualified Anti-Terrorism Technology provider under a formal SAFETY Act Designation by the Department of Homeland Security (DHS). The designation gives the Company, its partners and customers certain liability protection.
Iveda Solutions Is Currently the Only Company, Offering Real-Time IP Video Hosting and Remote Surveillance Services with a SAFETY Act Designation
In September 2010, Iveda Solutions, Inc. acquired its first international customer.
The Company is now providing IvedaOnBoard, its in-vehicle live streaming video service, and remote video storage to a government agency in Mexico.
In April, 2011, Iveda completed the acquisition of MEGAsys Taiwan. MEGAsys designs and manufactures electronic security and surveillance products, software, and services. MEGAsys was founded in 1998 by a group of sales and research and development professionals from Taiwan Panasonic Company. Iveda leverages MEGAsys’ relationships with manufacturing and software companies in Asia, potentially reducing costs and improving services and capabilities. The acquisition also opens doors to the Asian market.
In October 2011, Iveda signed a strategic collaboration agreement with Telmex, U.S.A., a subsidiary of the Mexico-based Telmex, the 4th largest telecommunications company in the world.
Telmex has presence in the U.S., Latin America, Europe, and Africa. Iveda has developed a product, ideal for Telmex’ Mln’s of subscribers in the U.S. and Mexico.
In November 2012, Iveda Solutions, Inc. signed a cooperation agreement with Industrial Technology Research Institute (ITRI). ITRI is a research and development organization based in Taiwan. Iveda and ITRI have been co-developing cloud-video services. ITRI has given Iveda license to some of their patents being used in the development. Iveda will have exclusive rights to the products and services being co-developed.
Iveda Solutions Cloud Video Surveillance Services
Iveda Solutions, Inc. has multiple recurring revenue streams based on its cloud-video management platform, including video hosting, in-vehicle mobile video streaming, real-time remote surveillance services, and live streaming video mapping service, using a combination of Internet-enabled cameras, a secure IP network infrastructure utilizing robust data centers, and intervention specialists. Iveda’s services are all web-based and accessible through any Internet-accessible device (e.g., computer, smartphone, tablets).
Iveda Awarded $3.2M Contract for Confidential Application by Taiwanese Government Agency
PUBLISHED
FEB 26, 2024 9:00AM EST
Providing AI-powered technology, Iveda meets the growing demand for solutions in the region
MESA, Ariz.–(BUSINESS WIRE)– Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced a signed contract with an undisclosed government agency worth approximately $3.2 million for a confidential application. This contract is in addition to the $2.7 million and $1.7 million announced in August 2022 and August 2023, respectively, to this same undisclosed government agency for different applications. Providing cutting-edge, AI-powered technology, the contract deployment has begun and is expected to be completed by 2026, delivering and deploying network equipment solutions to meet the growing demand for enhanced infrastructure. The execution will be overseen and managed by Iveda Taiwan.
“As safety and security remain a top priority for government organizations around the world, the need for AI-powered technology becomes paramount,” said David Ly, Iveda CEO and founder. “Through this contract, Iveda is dedicated to the continued improvement of security operations worldwide. Leveraging the power of AI, this contract positions Iveda Taiwan as a trusted partner in meeting the growing demand for cutting-edge AI solutions, keeping citizens, communities, and government personnel safe.”
“This achievement underscores Iveda Taiwan’s commitment to delivering comprehensive network equipment solutions to enhance AI-powered technology capabilities in the region,” added Ing-Hang Shiau, president of Iveda Taiwan. “As Iveda continues to expand its footprint in the global AI market, this contract reinforces our reputation for delivering high-quality products and services to clients around the world.”
This news follows closely behind additional global contract wins––including expansions in Egypt and deals in the Philippines and Vietnam––worth millions of dollars of revenues and gross profits to Iveda in 2024 and recurring revenue for years to come. With new cutting-edge smart city solutions to be announced throughout the year, Iveda remains dedicated to leveraging its expertise in AI-powered technology to provide customers around the world with solutions to keep citizens safe.
Iveda and VinaFore, Authorized AI Solutions Provider to the Vietnamese Government, Partner for Multi-Million Dollar AI Security and Safety Solutions Mandated Across Vietnam
PUBLISHED
FEB 22, 2024 9:00AM EST
In collaboration with the Vietnamese government, the organizations will join forces on design and technology specifications for smart city projects throughout the country
MESA, Ariz.–(BUSINESS WIRE)– Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced a partnership with VinaFore Informatics and Telecommunication JSC to bolster transportation, telecom, and smart city solutions throughout Vietnam. After signing a memorandum of understanding (MOU) with the Vietnamese government in 2023, VinaFore selected Iveda to incorporate its leading AI capabilities into current infrastructure and will use IvedaAI to effectively improve upon existing solutions throughout the region. These projects are currently in the design phases and are anticipated to be multi-million-dollar undertakings for 2024 and over the course of the next several years.
“Last year was spent laying critical groundwork alongside VinaFore; now, 2024 is slated to be a year of massive growth and implementation for Iveda across Vietnam,” said David Ly, Iveda CEO and founder. “With use cases spanning traffic and transportation, manufacturing, and safety, Iveda’s powerful AI and virtual reality technology will help propel VinaFore and its partners into the fifth industrial revolution, bringing Vietnamese smart cities to life while dramatically increasing Iveda’s presence and market share throughout the region.”
According to MarketsandMarkets, the global intelligent transportation system market is projected to reach nearly $7B by 2028. Over the course of 2024, VinaFore will work with Iveda––in collaboration with additional in-country partners including CMC Corporation, Mobifone, and Hanoi Telecom––to establish a solid foundation for future AI technology deployments and smart city expansions in the transportation space and beyond. Projects include:
- Information Technology Service (ITS) project with the Department of Transportation in Hanoi: IvedaAI’s Machine Vision technology––and its ability to classify and quantify vehicles and people, while identifying high-traffic time, space, and frequency, all in real time––will aid VinaFore in improving traffic congestion pains throughout the capital and surrounding areas.
- Active project with the Vietnam Road Administration: VinaFore will be integrating IvedaAI to help manage the types of vehicles traveling throughout parts of the region at certain times of day to improve safety and traffic congestion. This project will stretch from Saigon to the Long An Province(approximately 75 kilometers) and is scheduled to kick off in Q2 of 2024.
- Operational improvements to Vietnamese industrial parks: In collaboration with its partner network throughout the country, VinaFore will incorporate Iveda technology to increase operational efficiencies and safety improvements to over 600 industrial parks across Vietnam. With more than 100 AI features and applications already identified as immediately valuable to these industrial customers––including people and vehicle counting, face recognition, license plate recognition, fire and smoke detection, and intrusion detection––this project is slated to begin this year with integration and API work between providers and stakeholders already well underway.
- Proof of concept project (POC) with a major printed circuit board (PCB) manufacturer: This POC will use Iveda’s newly released AI vision software vumastAR to conduct quality control inspections of products prior to final packaging. Iveda and VinaFore are currently working with the customer to actively train vumastAR’s customizable AI technology for a variety of automated inspection tasks. As a result of this POC, VinaFore will be showcasing IvedaAI and vumastAR at SaigonTex 2024, the largest textile and garment industry expo in the Association of Southeast Asian Nations. At the event, Iveda will demonstrate the technology’s capabilities to thousands of major manufacturers throughout the greater Southeast Asian region.
- Partnership with the city of Da Nang: Known for being one of Vietnam’s most innovative and technologically advanced cities, Da Nang is well-equipped with telecommunication infrastructure and mature ITS projects. Over the course of 2024, Iveda will work to layer its AI capabilities into the city’s existing infrastructure, adding functional intelligence to the video cameras already in place throughout the city.
This news comes on the heels of major Iveda expansion and partnerships across the Philippines and Egypt. With VinaFore offices in San Francisco, Taipei, Hanoi, Saigon, Shanghai, Singapore, Jakarta, Myanmar, and Cambodia, this ongoing partnership is slated to propel Iveda’s growth and increase market expansion opportunities throughout 2024 and beyond.
Iveda Expands Smart City Footprint Across Egypt; Opens Cairo Office and Strategic Demonstration Showcase
PUBLISHED
FEB 15, 2024 9:00AM EST
Six months after partnering with The Arab Organization for Industrialization, Iveda solidifies leadership in 5G, AI, and sustainable technologies throughout the region
MESA, Ariz.–(BUSINESS WIRE)– Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced the opening of a new office in Cairo, Egypt as part of the organization’s work with The Arab Organization for Industrialization (AOI). Just six months after partnering with AOI, the showcase space––located inside the AOI government facility in Cairo––will serve as a demonstration room, putting Iveda’s smart city innovations and AI offerings on functional display, with the ability to demo to all interested parties. This announcement further solidifies the organization’s foothold as a leader in 5G, AI, and sustainable technologies throughout Egypt and the greater EMEA (Europe, Middle East, Africa) region.
Iveda’s smart city innovations and AI offerings on display include the Utilus Smart Pole with an average price to municipalities of $35,000 per pole, and city deployments are anticipated to range from 100 to 1,000 Utilus Smart Poles (or $3.5 million to $35 million) depending on the size of coverage required.
Iveda and AOI partnered in August of 2023 to support and scale smart city developments across Egypt and the wider EMEA region through the development of 13 smart cities. In support of the Egyptian government’s plans to introduce 38 new smart cities across the country by 2050, the two entities are marrying Iveda’s global IoT and AI technology and application expertise with AOI’s regional demand for innovation, equipping Egypt’s new administrative capital with the 5th generation smart city technology needed to make this goal a reality.
Egypt’s AI market is projected to reach $601.8 Million with an anticipated annual growth rate of 18.99%, resulting in a market volume of $2.03 Billion by 2030. This strategic office will dramatically improve speed-to-market of Iveda technologies by providing easier access to hands-on education, sales demonstrations, marketing opportunities, and firsthand proof-of-concept verification to those in the region. Major General Ashraf Hassan––who was appointed to Iveda’s Advisory Board in August 2023––will play a critical role in showcasing Iveda’s technologies, capabilities, and value to government and private enterprises across Egypt. Additionally, AOI will actively promote the value that local production of Iveda products is bringing to the area, in terms of both job and economic opportunities.
“Oftentimes, when it comes to new and advanced technologies––especially in the artificial intelligence and smart city realm––seeing is believing. That’s why we’re collaborating with AOI to make it easier for people in and around Egypt to visit and experience Iveda’s core technology firsthand,” said David Ly, CEO and founder of Iveda. “We’re eager to get our products into the hands of more organizations and government officials throughout the region, all while optimizing the decision-making process with potential customers and partners.”
Iveda has also been working with partners in South Africa, building up multi-million-dollar pipelines of opportunities. These clients are eager to witness Iveda’s offerings and the Cairo space will provide a convenient destination for the African market to experience the tech hands-on. Iveda products and technology to be displayed for live demonstration at the new Cairo location will include IvedaAI, Iveda Smart Drone, IvedaCare, and IvedaEMS through Cerebro. For more information, please visit iveda.com.
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