Iveda’s joint venture in the Philippines targets

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MESA, Ariz., Oct. 07, 2022 (GLOBE NEWSWIRE) — Iveda (NASDAQ: IVDA), a global provider of artificial intelligence (AI), Internet of Things (IoT), video surveillance and digital transformation Smart City today announced the creation of Iveda Philippines JV (Joint Venture), giving the company a presence in a rapidly emerging new market for Smart City technology.

Iveda estimates revenue will range from $1 million to $3 million per Smart City deployment, with recurring revenue for annual maintenance and software upgrade fees. As is the case with most foreign countries with a local presence, Iveda Philippines is essential in creating and maintaining the relationships necessary to execute mutually beneficial, long-term contracts.

Iveda CEO David Ly and local leaders from Iveda Philippines gave a presentation to city leaders interested in Iveda Smart City technology from north to south including the cities of Manila, Paranaque, Mandaluyong, Cebu, Mandaue and Davao. The Iveda Philippines team also presented the benefits of IvedaAI to General Vicente Danao and his staff of the Philippine National Police, the law enforcement agency that provides national protection for the country.

IvedaAI has been trained to recognize and detect jeepneys and tricycles, which are unique to the Philippines and are the country’s most popular means of transportation. In addition, floods hit the whole country during the typhoon season. IvedaAI can detect impending flood risks and alert the appropriate agencies before they cause serious damage to human life and property. Most importantly, IvedaAI adds intelligence to “existing” CCTV cameras nationwide to help improve public safety, traffic intelligence, and overall efficiency of “existing” infrastructure without redesign.

“In addition to IvedaAI, city officials have also requested assistance with critical infrastructure improvements such as a new command center and upgrades to existing ones, similar to our Taiwan Smart City projects. in Taiwan,” Ly said.

The Philippine government has increased its reliance on modern and next-gen technologies in recent years, especially since the fallout from the Taal Volcano eruption and Typhoon Odette of 2021. Since then, cities across the country have digitized their services and established standards for data storage, protection and use, according to the International Trade Association.

Iveda Philippines is led by Stef Saño, the Managing Director. Saño was educated in the United States and holds a Master of Science in Systems Science and Mathematics and a Bachelor of Science in Systems Science and Engineering from the University of Washington and a Bachelor of Arts in Economics from Wesleyan University. .

“Stef’s experience with the complexities of doing business in Asia-Pacific countries is invaluable to all of us moving forward as Iveda expands its growth in Asia,” Ly said.

“The team has continued to engage with decision makers in the municipality, demonstrating the unparalleled value of Iveda. Customers are responding very well to the clear message of a cost-effective method of improving the efficiency of their existing CCTV and command centers,” Saño said.

The Philippine Long Distance Telecommunications Company (PLDT) was Iveda’s first customer in the Philippines with the plug-and-play IvedaXpress video surveillance system. Building on the success of the company’s IvedaAI smart video search technology project in Caloocan City in 2018 and a successful pilot project in Metro Manila in 2019, Iveda sought to further establish a foothold in the Philippines. Last month, Iveda was welcomed in meetings by municipal leaders from Luzon, Visayas and Mindanao, the three main islands that make up the archipelago.

“We see the potential in the Philippines the same way we now see the success of Iveda Taiwan,” Ly said. “Getting a foothold in a country that is looking to modernize all aspects of its infrastructure will benefit the Filipino people as well as Iveda as a whole.”

In an address to the New York Stock Exchange last month, Chairman Sabin Aboitiz of the Aboitiz Group said the Philippines is one of the fastest growing economies and the next big thing in Asia. “Now more than ever, with the dawn of a new era of digital advancement and an environment that has never been more conducive and conducive to doing business, the Philippines is ripe and open for investment,” he said. .

Newly elected Philippine President Bongbong Marcos has made infrastructure development one of his key platform initiatives. Much like his predecessor’s administration, upgrading infrastructure — from the country’s airports to streets and sidewalks — will be important to the country’s success, President Marcos has said throughout his campaign.

The future increased growth of the global smart city market has been predicted by numerous market research groups. According to MarketsAndMarkets, the current global smart city market will reach $873.7 billion in 2026, from $457 billion in 2021.

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Iveda is a registered trademark of Iveda Solutions, Inc. Iveda Taiwan and Iveda Philippines and IvedaAI are trademarks of Iveda Solutions, Inc. All other trademarks are the property of their respective owners.

About Iveda

Iveda® (NASDAQ: IVDA) is the global provider of IvedaAI intelligent video search technology, Feel® and IvedaXpress CCTV products, IvedaPinpoint and IvedaCare IoT (Internet of Things) platforms. Iveda offers digital transformation technologies for smart city applications. Iveda is headquartered in Mesa, Arizona. Iveda Taiwan (fka MEGAsys) is its wholly owned subsidiary.

This press release contains forward-looking statements. Actual results may differ materially from those expected. Iveda’s business is subject to significant risks and uncertainties described in more detail in the company’s filings with the SEC, including, but not limited to, its registration statement on Form S-1. and Form 10-12g with audited financial statements for the year ended December 31. 2021 and December 31, 2020 and its quarterly reports filed thereafter on Form 10-Q. You should not place undue reliance on forward-looking statements, as they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Iveda’s control and which could, and are likely to have, a material effect on actual results, levels of activity, performance or achievements. All forward-looking statements made herein are qualified by these risk factors, and readers are urged to carefully consider these factors. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.

Contact:
Iveda
Ty Young
Communications Director
Such. : +1 (623) 565-9320
E-mail: [email protected]

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