Veea deploys edge-based construction site monitoring system

NEW YORK - Veea Inc. (NASDAQ:VEEA), a niche player in edge computing currently trading at $0.54 with a market cap of $26.7 million, and systems integrator Genesys Impact announced Tuesday the deployment of an edge-based monitoring system for MCN Build that processes construction site safety, compliance, and asset tracking data locally without requiring cloud connectivity. According to InvestingPro analysis, the company faces significant financial challenges, with an overall Financial Health score rated as Weak.

The solution integrates Veea’s MetaLynx smart construction technology with Crowdkeep people and asset tracking on the VeeaONE platform. The system runs entirely at the edge using VeeaHub units with GPU support in a mesh network, enabling real-time alerts even when internet connectivity is poor or unavailable. While the technology shows promise, InvestingPro data reveals the company is quickly burning through cash, with a concerning current ratio of 0.54, indicating potential challenges in meeting short-term obligations.

"This technology provides us with a virtual audit of all personnel on site," said Rudy Seikaly, CEO of MCN Build. "The real time capabilities of the system help us know at any time where our personnel are onsite."

The deployment in Frederick, Maryland, includes self-forming, self-healing mesh networking, local edge GPU inference for computer vision, and a policy and alerts engine. The system monitors for personal protective equipment compliance, restricted zone entry, collision avoidance, and other safety concerns.

According to Veea CEO Allen Salmasi, the solution provides "real-time awareness, local autonomy, and measurable ROI" by processing video analytics and telemetry locally. The company emphasized that the platform maintains data sovereignty and privacy at the edge while incorporating AI-driven cybersecurity.

Jad Boustany, CEO of Genesys Impact, stated the solution gives clients "the ability to run projects with unmatched visibility and control."

The deployment aims to address safety incidents, delays, and equipment loss that cost the global construction sector hundreds of billions annually, according to the press release statement. With the stock down nearly 95% over the past year and trading near its 52-week low, investors seeking deeper insights into Veea’s financial outlook can access additional analysis and 15 more exclusive ProTips through InvestingPro.

Veea’s VeeaHub products are cloud- and locally-managed, with the system designed to operate with intermittent or no internet connectivity while providing customizable alerts via dashboards, SMS, email, or webhooks.

In other recent news, Veea Inc. successfully closed its public offering, raising approximately $6 million in gross proceeds. The offering consisted of 9,189,096 shares of common stock and warrants, priced at $1.00 per combined unit, with each warrant exercisable at $1.10 per share. VeeaSystems, a subsidiary of Veea Inc., has signed a three-year supply agreement with Telcel, a Mexican telecommunications company. This agreement involves the provision of VeeaHub STAX-5G devices, which offer 4G and 5G connectivity, Wi-Fi 6 access, and other advanced features. Furthermore, Veea has integrated the Walrus decentralized data storage protocol into its VeeaHub STAX edge solution. This integration aims to enhance data transport and storage capabilities for decentralized applications and AI development. These developments highlight Veea’s focus on expanding its technological offerings and partnerships.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.