MESA, Ariz. - Iveda (NASDAQ:IVDA), a provider of cloud-based AI solutions, has secured a new government contract valued at approximately $3.2 million for an undisclosed application.
This recent deal adds to the previous contracts with the same government agency, which were worth $2.7 million in August 2022 and $1.7 million in August 2023 for different applications.
The contract involves the deployment of network equipment solutions to cater to the increasing demand for advanced infrastructure. Iveda Taiwan has already commenced the deployment, with completion slated for 2026. The project underscores the company's commitment to enhancing security operations globally through AI technology.
David Ly, CEO and founder of Iveda, emphasized the importance of AI-powered technology in maintaining safety and security for government entities. He stated that the contract further establishes Iveda Taiwan as a reliable partner in providing innovative AI solutions. Ing-Hang Shiau, president of Iveda Taiwan, also remarked on the significance of the contract in reinforcing the company's reputation for delivering comprehensive network equipment solutions in the region.
The announcement comes on the heels of several global contract wins for Iveda, including expansions in Egypt and deals in the Philippines and Vietnam. These contracts are expected to generate significant revenues and gross profits for the company in 2024, along with recurring revenue in the following years.
Iveda is recognized for its cloud-based, video AI search and surveillance technologies, which are designed to enhance the safety of individuals and communities. The company, headquartered in Mesa, Arizona, with a subsidiary in Taiwan, is known for its IoT platforms equipped with smart sensors and devices that aid in public safety, security, elderly care, energy efficiency, and environmental preservation.
This article is based on a press release statement from Iveda.
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