Interstate Land Management Corporation and Philadelphia Parking Authority Greenlights Trial of IvedaAI™ & ClearView Asset Protection

Rhea-AI Summary

Iveda (NASDAQ:IVDA) announced that the Interstate Land Management and Philadelphia Parking Authority (PPA) has approved a trial of IvedaAI™ and ClearView Asset Protection's Smart Tower technology to enhance parking security across Philadelphia. The project will implement IvedaAI's advanced features including facial recognition, weapon detection, and license plate reading through ClearView's security trailers equipped with four cameras each. The deployment targets high-crime areas including Jackson Street, Front Street, and parking areas under the I-95 overpass. The system will also monitor parking duration and vehicle loitering, aiming to improve operational efficiency. This trial is expected to lead to broader implementation across Philadelphia and other U.S. cities.

Positive

• Partnership with major municipal authority (PPA) for security technology trial
• Potential for expansion to other cities following successful trial
• Addresses significant market need (25% of violent crimes occur in parking lots)
• Multiple revenue streams through various AI features (facial recognition, weapon detection, license plate reading)

Negative

• Currently only in trial phase with deployment (two security trailers)
• Success and full implementation not guaranteed

Insights

Tech Expert

The trial deployment of IvedaAI and ClearView Asset Protection in Philadelphia represents a modest but strategic opportunity for Iveda. The integration of AI-powered surveillance in high-crime parking areas addresses a significant market need, with FBI data showing parking lots as major crime hotspots. While this trial is to two security trailers, successful implementation could lead to broader adoption across Philadelphia and other urban centers.

The technology stack combining facial recognition, weapon detection and license plate reading positions Iveda well in the growing smart city security market. The partnership with ClearView Asset Protection adds credibility and provides a distribution channel for scaling. However, investors should note that this is still a trial phase with no disclosed financial terms and revenue impact will depend on successful expansion beyond the initial deployment.

PPA turns to Iveda technology to bolster security across on and off-street parking in Center City garages, surface lots throughout the city, and Airport parking

MESA, Ariz.--(BUSINESS WIRE)-- Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced that the Interstate Land Management Corporation and Philadelphia Parking Authority (PPA) has officially green-lit a trial of IvedaAI™ and ClearView Asset Protection via their patented Smart Tower, in an effort to bolster security in parking areas throughout the city. The project will leverage IvedaAI, an advanced AI solution providing real-time facial recognition, weapon detection, license plate reading, and more. The technology will be integrated into two of ClearView’s customizable security trailers, each equipped with four cameras.

According to the FBI, parking lots are the third most common location for violent crimes to occur, accounting for more than 25% of violent crimes in America. Further, Insurance.com reports that 70% of all hit-and-run crimes involve parked cars, many of which take place in lots and garages. As government officials work to minimize crime in urban areas––from assault, to theft and vandalism––AI is providing a powerful set of eyes to keep citizens safe.

“This collaboration marks a pivotal moment in enhancing public safety across Philadelphia’s parking infrastructure, while underscoring Iveda’s unwavering commitment to building solutions for the betterment of urban areas like Philly,” said David Ly, Iveda CEO and founder. “By harnessing the power of AI, the city is creating safer environments for residents and visitors alike. We anticipate this partnership with ClearView to have a profoundly positive impact on the community and are confident that it will set new standards for urban safety initiatives."

The deployment aims to improve safety in key areas across Philadelphia, including Jackson Street, Front Street, and parking areas under the I-95 overpass, which have become hotspots for criminal activity. In addition to critical safety benefits, the technology will also enable parking lot operations to run smoother. The system can be customized to send alerts to appropriate personnel if a car has been parked in a spot for too long, vehicles are loitering, and more.

“The integration of IvedaAI into ClearView’s mobile surveillance systems represents a trailblazing offering in the physical security space,” added Lance Thomas, President of ClearView Asset Protection. “Together, we’re providing a scalable, cost-effective solution to enhance public safety while reducing the need for manpower. We’re eager to see the positive impact the technology will have on the city of Philadelphia.”

This successful trial run is slated to pave the way for broader deployment across Philadelphia as well as other cities across the country.

About Iveda Solutions®

Iveda (NASDAQ:IVDA) is the provider of global solutions for cloud-based, video AI search and surveillance technologies that protect the people, places, and things that matter the most. Iveda’s technology has the power to provide instant intelligence to existing infrastructure, enabling cities and organizations around the world to seamlessly enter the fifth industrial revolution. Iveda operates at the forefront of digital transformation of cities across the world, using IoT platforms with smart sensors and devices developed to aid with use cases surrounding public safety, security, elderly care, energy efficiency, and environment preservation. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA”.

About ClearView Asset Protection

ClearView Asset Protection gives users round the clock remote video access to your location, no matter the time, temperature or weather. We customize systems to fit user needs. State-of-the-art features include 360-degree site coverage, auto tracking, infrared, pan-tilt-zoom, heat-seeking, facial detection, license plate readers, and more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241107562519/en/

Media Contacts

Olivia Civiletto Erwin

olivia@dottedlinecomm.com

716.785.1108

Source: Iveda

FAQ

What security features does Iveda's (IVDA) AI technology offer for parking lots?

IvedaAI offers real-time facial recognition, weapon detection, license plate reading, and parking duration monitoring through security trailers equipped with four cameras each.

Which locations in Philadelphia will implement Iveda's (IVDA) parking security system?

The system will be deployed in key areas including Jackson Street, Front Street, and parking areas under the I-95 overpass, focusing on locations with higher criminal activity.

How many security trailers will be used in Iveda's (IVDA) Philadelphia parking trial?

The trial will utilize two ClearView customizable security trailers, each equipped with four cameras integrating IvedaAI technology.

What operational benefits does Iveda's (IVDA) parking system provide?

The system can send alerts for extended parking duration violations and vehicle loitering, helping improve parking lot operations efficiency.