Iveda’s Joint Venture in the Philippines Targets

MESA, Ariz., Oct. 07, 2022 (GLOBE NEWSWIRE) — Iveda (NASDAQ: IVDA), a worldwide provider of artificial intelligence (AI) video search, Internet of Things (IoT), video surveillance and Smart City digital transformation technologies announced today that it has established Iveda Philippines JV (joint venture), giving the company a presence in a new and quickly emerging market for Smart City technology.

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

Iveda CEO David Ly and local Iveda Philippines executives have presented 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 IvedaAI benefits to Gen. Vicente Danao and his Philippine National Police staff, the law enforcement agency that provides nationwide protection for the country.

IvedaAI has been trained to recognize and detect Jeepneys and tricycles, which are unique to the Philippines and the country’s most popular means of transportation. Also, flooding has plagued the entire country during the typhoon season. IvedaAI can detect imminent flooding hazards and alert appropriate agencies before they do serious damage to human life and properties. Most importantly, IvedaAI adds intelligence to “existing” video surveillance cameras throughout the country to help improve public safety, traffic intelligence and overall effectiveness of “existing” infrastructure without an overhaul.

“In addition to IvedaAI, city officials also asked for help on critical infrastructure improvements such as new command center and upgrades to…