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MESA, Ariz. - Iveda (NASDAQ: IVDA), a $7.53 million market cap company specializing in AI-driven video surveillance and smart-city technologies, has announced the implementation of its IvedaAI platform across Bacoor City’s CCTV network. This deployment, which includes the Philippines’ first IvedaAI Forensics Desk at the Bacoor City Police Station, is part of a $3 million initiative to modernize Metro Manila’s infrastructure.
Bacoor City, a populous urban center south of Metro Manila, is advancing its public safety capabilities by integrating IvedaAI’s real-time analytics into its existing CCTV network. This integration aims to enhance the city’s ability to swiftly detect and address critical incidents. The IvedaAI Forensics Desk will allow local law enforcement to rapidly analyze video material provided by citizens, streamlining processes that previously required extensive manual review.According to InvestingPro data, Iveda shows promising growth potential, with analysts forecasting significant sales growth this year. Discover 12 additional exclusive ProTips and comprehensive financial analysis with an InvestingPro subscription.
David Ly, CEO and Founder of Iveda, commented on the growing adoption of AI technology in public safety, highlighting the scalability of the IvedaAI platform for the numerous barangays within the Philippines. With a robust revenue growth of 54.15% over the last twelve months to $7.15 million, the company anticipates that the continued rollout of its smart-city contracts in Metro Manila will contribute to reaching its revenue target of $3 million by fiscal year 2026.
The global smart-city market, expected to hit $80 billion this year, reflects a rising demand for scalable and cost-effective AI solutions like those offered by Iveda. The company’s ongoing investments in the Philippines are indicative of its commitment to the region’s urban development and safety.
This expansion in Bacoor City represents a significant step in Iveda’s efforts to provide cutting-edge technology for urban management and public safety. The deployment is based on a press release statement from Iveda, a public company traded under the ticker symbol IVDA.
In other recent news, Iveda Solutions has received a non-compliance notification from Nasdaq due to a shortfall in the minimum stockholders’ equity required for continued listing. The company reported stockholders’ equity of $1,700,887, below the Nasdaq’s minimum requirement of $2,500,000. Iveda has until July 11, 2025, to submit a plan to regain compliance, and if accepted, could receive an extension to meet the requirements. Additionally, Iveda Solutions has successfully gained shareholder approval to relocate its corporate domicile from Nevada to Delaware, aligning its corporate structure with business needs.
However, the company did not secure enough votes for proposals to increase authorized shares and approve the issuance of certain stock warrants. The meeting concerning the issuance of warrants has been adjourned to June 2, 2025. Furthermore, Iveda Solutions has entered into an At the Market Offering Agreement with H.C. Wainwright & Co., LLC, allowing the sale of shares up to an aggregate offering price of $5,082,431. This agreement is part of the company’s broader strategy to manage its capital resources, though no immediate plans for the proceeds have been disclosed. Investors will be closely monitoring these developments as Iveda Solutions navigates its financial and operational strategies.
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