Iveda and Movement Interactive Deliver on $200K Contract with an Arizona Independent Living Facility for Veterans

Rhea-AI Summary

IVDA: Iveda delivers $200,000 contract with Waymark Gardens for AI and IoT-enabled telehealth and fall detection technology, showcasing potential for expansion to 4,000 care facilities. The IvedaCare product offers real-time remote patient monitoring, predictive software, and easy-to-use system for residents' safety and peace of mind.

Positive

• Iveda secures a $200,000 contract with Waymark Gardens, demonstrating the potential for expansion to 4,000 care facilities covered by the Veteran Affairs contract.
• IvedaCare's AI-driven predictive software provides real-time awareness of patient abnormalities, reducing false alarms and offering peace of mind to residents' family and loved ones.

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• None.

AI-driven IvedaCare empowers Waymark Gardens residents and staff through real-time remote patient monitoring

MESA, Ariz.--(BUSINESS WIRE)-- Iveda^® (NASDAQ:IVDA), the global solution for cloud-based AI, announced today that Movement Interactive, powered by Iveda, has delivered on a $200,000 contract with Waymark Gardens, effectively supporting hundreds of residents aging in place with AI and IoT-enabled telehealth and fall detection technology. By delivering IvedaAI™ appliance hardware and software as well as 150 HIPAA-compliant IvedaCare kits, outfitted with IvedaAI and Iveda’s proprietary IoT-enabled sensors and devices, the contract will support the ongoing care and safety of patients residing within Waymark Gardens’ facilities. This sale and installation of IvedaCare is on the heels of an eight-year Veteran Affairs contract worth $1.032 billion––this win will showcase Iveda and the IvedaCare product as a viable solution for roughly 4,000 additional care facilities across the country covered by the Veteran Affairs contract.

“As IvedaCare continues to expand into homes, hospitals, and care facilities across the U.S.––taking patient care to the next level through AI assistance––we believe that Waymark Gardens’ deployment will act as a blueprint for assisted care establishments countrywide,” said Iveda CEO and founder, David Ly.

Iveda CFO, Bob Brilon added, “We delivered the product to Waymark Gardens on behalf of Movement Interactive during our third quarter this year and look forward to working with additional Waymark Garden Facilities, supported by Movement Interactive, as well as the potential for the 4,000 additional care facilities across the country covered by the Veteran Affairs contract.”

According to KFF, 81% of nursing homes nationwide need to hire additional staff to meet Centers for Medicare and Medicaid Services (CMS) standards. IvedaCare’s patented AI-driven, predictive software learns users’ lifestyle preferences and patterns to make informed decisions around health and security, acting as a critical force multiplier for short-handed care providers. By providing real-time awareness of patient abnormalities and allowing for more effective care and patient monitoring, the technology effectively reduces false alarms. Additionally, IvedaCare’s easy-to-use system provides unparalleled peace of mind to residents’ family and loved ones, with real-time alerts accessible through Iveda’s Trusted Circle monitoring app.

"We are proud to have one of the most innovative on-site Telehealth Suites in the country at Waymark Gardens,” said Dr. Eric Luster, Chairman of the Board, Waymark Gardens and Seniors Rising Homes. “This facility is a flagship for the future of senior living and will serve as a model as we expand to multiple facilities across the state, and eventually throughout the country. Iveda is a key partner in bringing top-of-the-line technology solutions to our resident Veterans, improving health outcomes, and extending their independence while improving quality of life."

A Waymark Gardens resident expressed to the Board: “Even though I live independently, I do fear falling because my balance has declined over the years. Living at Waymark Gardens allows residents access to IvedaCare technology, which gives my family the extra peace of mind and assurance that I’m staying active and they will be alerted if something happens outside of my normal routine. I don’t want my family to worry about me all the time; the IvedaCare Trusted Circle notifications are set up to communicate easily among my close friends and family.”

IvedaCare continues to reinforce Iveda’s mission to effectively care for and protect the people, places, and things that matter most. For more about IvedaCare, visit www.ivedacare.com.

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”.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231114062713/en/

Olivia Civiletto Erwin

olivia@dottedlinecomm.com

716.785.1108

Source: Iveda

FAQ

What technology did Iveda deliver to Waymark Gardens?

Iveda delivered AI and IoT-enabled telehealth and fall detection technology to Waymark Gardens.

How does IvedaCare benefit care facilities and residents?

IvedaCare offers real-time remote patient monitoring, predictive software, and an easy-to-use system, reducing false alarms and providing peace of mind to residents' family and loved ones.

What is the potential impact of the contract with Waymark Gardens?

The contract showcases the potential for expansion to 4,000 care facilities covered by the Veteran Affairs contract.

What are the key features of IvedaCare?

IvedaCare's features include AI-driven predictive software, real-time awareness of patient abnormalities, and an easy-to-use system for residents' safety and peace of mind.