Iveda Awarded $1.7M Contract Expansion With Taiwan Government Agency
August 10 2023 - 9:00AM
Business Wire
Global AI company to deliver 45 additional
locations atop the 61 announced in 2022
Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI
video search and sensor technologies, today announces a newly
signed contract with a government agency in Taiwan worth
approximately $1.7 million gross revenues. Through this contract,
Iveda will provide networking equipment and interprocess
communication (IPC) computers to 45 new locations nationwide,
assisting the agency in designing and installing a state-of-the-art
video command, communication, and control system. All additional
locations are anticipated to be completed by year end and will be
overseen and managed by Iveda Taiwan. This project deployment has
the potential for an additional 194 locations to be put under
contract in the future, as there are a total of 300 locations
countrywide. Iveda is unable to disclose the agency identity due to
the sensitivity of the project confidentiality.
According to Markets and Markets, the global video surveillance
market is estimated to reach $76.4 billion by 2027 –– and Iveda is
well positioned to follow alongside this upward trajectory.
“As the need for robust, AI-powered video surveillance continues
to expand worldwide, Iveda’s technology is keeping citizens,
communities, and government personnel safe,” said David Ly, Iveda
CEO and founder. “The company is poised to continue its momentum
for the second half of 2023, all while effectively improving
security operations and quality of life for the people of Taiwan.
We’re eager to continue strengthening our partnerships in the
region through this contract and beyond.”
“Iveda Taiwan has experienced impressive growth in the past year
from new and returning, long-term, clients,” added Ing-Hang Shiau,
president of Iveda Taiwan. “The Taiwan government agency client
understands the need for state-of-the-art, comprehensive AI
security solutions and this strategic contract expansion is the
proof of that mindset.”
This contract follows closely behind several Taiwan-based smart
city deals––worth more than $1M––which Iveda unveiled early this
year. Iveda Taiwan continues to work with local organizations and
government municipalities to expand the company’s AI, IoT, and
smart city offerings across the nation.
About Iveda Solutions®
Iveda (NASDAQ:IVDA) is the provider of global solutions for
cloud-based, video AI search and surveillance technologies that
protect the people, places, and things that matter the most.
Iveda’s technology has the power to provide instant intelligence to
existing infrastructure, enabling cities and organizations around
the world to seamlessly enter the fifth industrial revolution.
Iveda operates at the forefront of digital transformation of cities
across the world, using IoT platforms with smart sensors and
devices developed to aid with use cases surrounding public safety,
security, elderly care, energy efficiency, and environment
preservation. Headquartered in Mesa, Arizona, with a subsidiary in
Taiwan, Iveda is publicly traded on NASDAQ under the ticker symbol
“IVDA”.
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version on businesswire.com: https://www.businesswire.com/news/home/20230810622232/en/
Olivia Civiletto Erwin olivia@dottedlinecomm.com
617.477.9857
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