MESA, Ariz., April 18, 2022 – Iveda (NASDAQ: IVDA), a global 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 the initial order for IP Dream. IP Dream is a global IT and communications technology provider in Japan since 2004, whose customers include Hitachi, Canon, Toyota, Secom, NTT Group and Softbank.
Utilus consists of intelligent power management and a wireless mesh communication 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, electric meters, valves, circuit breakers and sensors.
IP Dream will supply Utilus to its farmer customers who produce high-end fruits in Japan, including the famous Sekai Ichi apples and Snow White peaches which cost around $10 and $25 each respectively. They will use Utilus’ video surveillance system with IvedaAI intelligent video search to protect the orchards against 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 the appropriate personnel within seconds.
Utilus will also be used in large solar farms to prevent copper theft. Copper, being an essential material in electrical infrastructure, has been the target of thieves around the world for decades. Iveda provides IoT sensors along critical parts of copper infrastructure. The gateway inside Utilus can detect physical anomalies and communicate real-time data for instant notification when a copper line is impaired. This gives security personnel enough time to respond to a robbery in progress in mostly remote areas, instead of days or weeks later. The system offers a greater likelihood of on-the-spot arrest and safeguarding of assets.
The National Insurance Crime Bureau reported that 96% of all metal thefts reported in the past three years were for copper. Of this, 55% was taken from commercial properties.
“The ramifications of increased copper theft are staggering when you consider both the loss of asset infrastructure and the loss of productivity,” said Iveda CEO David Ly.
According to Dublin-based Research and Markets, early estimates show that the global agricultural market reached $10.16 billion in 2021 and is expected to reach $13.1 billion in 2025 with a growth rate of 7%.
“Given the exponential growth of the market, we expect Utilus to gain great traction in the agriculture sector alone,” Ly added.
IP Dream relies on its banking partners for long-term loans to local farmers to promote safety, efficiency and increased food production in Japan. The government recognizes that reliance on food imports may not be in the best interests of its citizens. The long-term loan allows farmers to invest in technology at an affordable price. For example, implementing a Utilus smart pole will cost high-end fruit farmers just an apple a day or around $7 a day over ten years.
“Protecting company assets and products not only improves efficiency, but is also directly linked to everything from profit to employee retention,” said Jiro Shimoyama, President and CEO of IP. Dream. “Our customers expect us to take advantage of the best technological advancements to meet their needs. We strongly believe that the Utilus from Iveda is the ideal solution to our customers’ problems.”
“Iveda launched Utilus last week, and we’re getting real-world app requests from many facets of society that we hadn’t considered,” Ly said.
Iveda®(NASDAQ: IVDA) is a global 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 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 subsequently filed 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 the control of Iveda and which could, and are likely to, materially affect on actual results, activity levels, 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.
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