Iveda announces patent pending for IoT liquid monitoring solution

MESA, Ariz. - Iveda (NASDAQ:IVDA), a provider of cloud-based AI solutions, has announced a patent pending for its LevelNOW product, a customizable IoT sensor solution aimed at enhancing liquid storage management. The technology is designed for real-time monitoring and control, targeting industries such as oil and gas where liquid storage is critical.

The patent-pending technology allows LevelNOW to measure liquid levels externally on various container sizes and shapes, which could potentially reduce the need for costly internal sensor replacements. This innovation is expected to address issues like leaks, evaporation, and theft, which are prevalent during the storage and transit of liquids.

LevelNOW has reportedly been adopted by a major oil company in Australia, enabling them to provide timely refills for customers and avoid service interruptions. The solution is part of Iveda's strategy to integrate with existing equipment, enhancing efficiency without the need for new training or capital investment.

The metal drum and intermediate bulk container market is anticipated to grow to over $24.1 billion by 2030. Iveda's IoT sensors are positioned to meet the demands of this growing market by providing data-informed actions and increasing accuracy for human operators.

Iveda's CEO, David Ly, emphasized the company's commitment to industry-specific innovation and customer-centric development. Since the launch of LevelNOW in May, Iveda has sold hundreds of units, indicating market acceptance and potential for broader use.

Rakesh Takoo, Managing Director of Auzpack, praised LevelNOW for its real-time data management capabilities and its ability to address long-standing challenges in liquid storage management. The solution is seen as a way to enhance safety, operational efficiency, and cost savings for companies managing liquid assets.

The information in this article is based on a press release statement. For more information on LevelNOW and the patent pending, inquiries can be directed to Iveda's sales team.

In other recent news, Iveda has announced a strategic partnership with The Arab Organization for Industrialization (AOI) and security hardware and software developer, ZeroTech. This collaboration aims to integrate Iveda's AI-powered intelligent video search technology, IvedaAI, into ZeroTech's security offerings in Egypt. This development is expected to enhance the effectiveness of security systems and offer safety benefits to communities. Furthermore, it is anticipated that this partnership will strengthen ZeroTech's position in the Egyptian market, which is projected to see its AI market surpass $877 million in 2024. The collaboration is also in line with Egypt's initiative to establish 38 new smart cities by 2050. The partnership is not limited to Egypt, as AOI Electronics Chairman Major General Ahmed Mohamed Abd Elaziz expects the collaboration to innovate in the global security landscape. This development is a continuation of Iveda's previous collaboration with AOI in August 2023, which marked the region's first fully integrated security offering.

InvestingPro Insights

As Iveda (NASDAQ:IVDA) continues to innovate with its LevelNOW IoT sensor solution, the financial health and market performance of the company remain pivotal to its growth trajectory. According to InvestingPro data, Iveda holds a market capitalization of $6.69 million, indicating its scale within the technology and AI solutions sector. Despite the challenges, Iveda's liquid assets surpass its short-term obligations, showcasing a level of liquidity that may support its operational needs in the near term.

InvestingPro Tips reveal that Iveda is experiencing high price volatility and has seen a significant price decline over the past three months. This aligns with the data showing a 40.86% negative total return over the same period. Such volatility could be influenced by market reactions to the company's financial performance and growth prospects, as analysts do not expect Iveda to be profitable this year. Additionally, the company's revenue has seen a substantial decrease of 53.81% over the last twelve months as of Q2 2024, which may concern investors looking for stable growth. These metrics are essential for potential investors to consider when evaluating Iveda's position in the market.

For those interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/IVDA, providing further insights into Iveda's financial health and stock performance.

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