MESA, Ariz., April 18, 2022 (GLOBE NEWSWIRE) -- Iveda (NASDAQ: IVDA), a worldwide provider of AI video search, Internet of Things (IoT), video surveillance and smart city digital transformation technologies, today announced the signing of a strategic partnership agreement with IP Dream, Inc. A $1.3 million purchase order for 50 units of Iveda’s Utilus smart pole is IP Dream’s initial order. IP Dream is a worldwide provider of IT and communications technology in Japan since 2004, whose customers include Hitachi, Canon, Toyota, Secom, NTT Group and Softbank.
Utilus consists of a smart power management and wireless mesh communications network with WiFi, 4G and 5G small cell capabilities and other wireless protocols that provide distributed video surveillance with AI video search technology and remote management of local devices such as trackers, water meters, electrical meters, valves, circuit breakers and sensors.
IP Dream will supply Utilus to its farming customers that produce high-end fruit in Japan, including the famed Sekai Ichi apples and Snow White peaches which cost approximately $10 and $25 a piece, respectively. They will use Utilus’ video surveillance system with IvedaAI intelligent video search to protect orchards from theft and threats from birds and other animals. The system will be able to detect aberrant behavior such as human or animal encroachment and notify proper personnel within seconds.
Utilus will also be used in large solar farms to prevent copper theft. Copper, being a critical material in electrical infrastructure, has been a target of thieves worldwide for decades. Iveda provides IoT sensors along critical portions of copper infrastructure. The gateway inside Utilus can detect physical abnormalities and communicate real-time data for instant notification when a copper line is tampered with. This allows security staff adequate time to respond to an ongoing theft in mostly remote areas, instead of days or weeks later. The system provides a higher probability of on-the-spot arrest and safeguarding of assets.
The National Insurance Crime Bureau reported that 96 percent of all reported metal theft over the past three years has been copper. Of that, 55 percent has been taken from commercial properties.
“The ramifications of increasing copper theft are staggering when looking at both loss of asset infrastructure and loss of productivity,” said Iveda CEO David Ly.
According to Dublin-based Research and Markets, early estimates show that the global agricultural market has grown to $10.16 billion in 2021 and is expected to grow to $13.1 billion in 2025 with a growth rate of 7 percent.
“Given the exponential market growth, we expect that Utilus will garner great traction in the agriculture industry alone,” added Ly.
IP Dream leverages their banking partners for long-term loans to local farmers to promote security, efficiency and more food production in Japan. The government recognizes that reliance on food imports may not be in the best interest of its citizens. The long-term loan makes it affordable for farmers to invest in technology. For example, implementation of one Utilus smart pole will cost farmers of high-end fruit, just an apple a day or approximately $7 per day over ten years.
“Protecting company assets and products not only improves efficiency, but also directly relates to everything from profit to employee retention,” said Jiro Shimoyama, IP Dream President and CEO. “Our clients expect us to leverage the best technological advances to support their needs. We firmly believe that Iveda’s Utilus is the ideal solution for our customers’ problems.”
“Iveda launched Utilus just last week and we are getting inquiries for real-world applications in many facets of society that we hadn’t envisioned,” said Ly.
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About Iveda
Iveda® (NASDAQ: IVDA) is a worldwide provider of IvedaAI™ intelligent video search technology, Sentir® and IvedaXpress™ video surveillance products, IvedaPinpoint™ and IvedaHome™ 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:
Iveda
Ty Young
Director of Communications
Tel: +1 (623) 565-9320
Email: tyoung@iveda.com
