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 existing ones, similar to our Taiwan
Smart City projects in Taiwan,” said Ly.
The Philippine government has increased its
reliance on modern and next generation technologies in the recent
years, especially since the fallout from the Taal Volcano eruption
and the 2021 Odette typhoon. Since then, cities throughout the
country have digitize services and set standards for data storage,
protection and utilization, according to the International Trade
Association.
Iveda Philippines is headed by Stef Saño, the
managing director. Saño was educated in the U.S. holding a Master
of Science Degree in Systems Science & Mathematics and a
Bachelor of Science Degree in Systems Science and Engineering from
Washington University and a Bachelor of Arts Degree in Economics
from Wesleyan University.
“Stef’s experience with the complexities of
doing business throughout the Asia Pacific countries is invaluable
to all of us moving forward as Iveda expands our growth in Asia,”
said Ly.
“The team has been engaging the municipality
decision makers non-stop, demonstrating Iveda's unmatchable value.
Customers are responding very well to the crystal-clear message of
a cost-efficient method of enhancing the effectiveness of their
existing video surveillance and command centers,” said Saño.
The Philippine Long Distance Telecommunications
Company (PLDT) was Iveda’s first customer in the Philippines with
IvedaXpress plug-and-play video surveillance system. Building upon
the success of the company’s IvedaAI intelligent video search
technology project in Caloocan City in 2018 and a successful pilot
project in Metro Manila in 2019, Iveda has sought to gain a greater
foothold in the Philippines. Last month, Iveda was hosted at
meetings by city leaders throughout Luzon, Visayas and Mindanao,
the three main islands that comprise the archipelago.
“We see the potential in the Philippines much in
the same way we are now seeing the success of Iveda Taiwan,” Ly
said. “Gaining a foothold in a country that is looking to modernize
all aspects of its infrastructure will be beneficial to the
Filipino people as well as Iveda overall.”
In an address to the New York Stock Exchange
last month, President Sabin Aboitiz of Aboitiz Group said that the
Philippines is one of fastest growing economies and the next big
thing in Asia. “Now more than ever, with the dawn of a new era of
digital progress, and an environment that has never been more
enabling and conducive for business, the Philippines is ripe and
open for investment,” he said.
Newly elected Philippine President Bongbong
Marcos made infrastructure development one of his key platform
initiatives. Much like his predecessor’s administration,
infrastructure modernization – from the country’s airports down to
the streets and sidewalks – will be important for the success of
the country, President Marcos professed throughout his
campaign.
The future increased growth for the global Smart
City market has been predicted by numerous market research groups.
According to MarketsAndMarkets, the current Smart City global
market will reach $873.7 billion in 2026, up 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
property of their respective owners.
About Iveda
Iveda® (NASDAQ: IVDA) is the worldwide provider
of IvedaAI™ intelligent video search technology, Sentir® and
IvedaXpress™ video surveillance 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 release includes forward-looking
statements. Actual results may vary materially from
those expected. Iveda’s business is subject to significant
risks and uncertainties described more thoroughly in the Company’s
SEC filings, including but not limited to its Registration
Statement on Form S-1 and Form 10-12g with audited financials for
the year ended December 31, 2021 and December 31, 2020 and its
subsequently filed quarterly reports on Form 10-Q. You should not
place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors
that are, in some cases, beyond Iveda's control and which could,
and likely will, materially affect actual results, levels of
activity, performance or achievements. All forward-looking
statements made herein are qualified by such risk factors, and
readers are advised to consider such factors carefully. 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 unanticipated events.
Contact:IvedaTy YoungDirector of
CommunicationsTel: +1 (623) 565-9320Email: tyoung@iveda.com
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