Iveda Expands Its Presence in Egypt, Signing New Strategic Partnership including Technology Transfer for Local Manufacturing of its VEMO Body Cam

Rhea-AI Summary

Iveda (NASDAQ: IVDA) has expanded its presence in Egypt through a strategic partnership with the Arab Organization for Industrialization (AOI) and ZeroTech. The collaboration includes technology transfer for local manufacturing of VEMO Body Cam in Egypt. The partnership enables integration of VEMO with IvedaAI, described as the world's fastest AI video analytics solution. ZeroTech Egypt, which produces half a million surveillance cameras annually, will help manufacture and distribute the technology. Iveda has also appointed an Egyptian Market Manager and opened Innovation Offices in AOI's new building in Cairo.

Positive

• Strategic partnership enables local manufacturing and distribution in Egypt
• Technology transfer agreement for VEMO Body Cam manufacturing
• Access to ZeroTech's established production capacity of 500,000 cameras annually
• Direct access to government contracts through AOI partnership
• Geographic expansion into Egyptian and regional markets

Negative

• None.

Insights

Market Research Analyst

This strategic partnership marks a significant expansion into the Middle East market, particularly notable given Egypt's position as a regional technology hub. The deal with AOI and ZeroTech provides three key advantages: local manufacturing capabilities, established distribution channels and government backing. ZeroTech's existing production of 500,000 surveillance cameras annually provides a solid foundation for market penetration. The technology transfer agreement for local VEMO Body Cam manufacturing reduces production costs and import barriers while potentially accelerating regional adoption. For a small-cap company like Iveda (3.2M market cap), securing a government-backed manufacturing partner represents a substantial opportunity to scale operations and increase market share in the MENA region.

Tech Expert

The integration of VEMO Body Cams with IvedaAI creates a comprehensive security ecosystem that differentiates this offering in the Egyptian market. The ability to provide real-time AI analytics through body cameras addresses a growing need for advanced security solutions in both public and private sectors. ZeroTech's existing expertise in surveillance technology (95 different camera models) provides an ideal foundation for implementing Iveda's AI capabilities across diverse applications. The localization of manufacturing and technology transfer suggests a long-term commitment to market development, potentially leading to customized solutions for regional requirements.

Iveda technology and products being localized for the Egyptian market

MESA, Ariz.--(BUSINESS WIRE)-- Iveda® (NASDAQ: IVDA), the global leader in cloud-based AI technology, is excited to announce a significant development in its strategic partnership with the Arab Organization for Industrialization (AOI) and security hardware and software developer, ZeroTech. As part of this three-way collaboration, Iveda has signed a reseller agreement with both entities, marking a new milestone in the localization of Iveda products and technology in Egypt and the surrounding region.

Iveda is transferring the technology behind its VEMO Body Cam to be locally manufactured by AOI and ZeroTech, enabling mass production of VEMO in Egypt for both government and private sector use across the region. The integration of VEMO with IvedaAI––the world’s fastest AI video analytics solution––will allow Egyptian agencies and enterprises to leverage real-time intelligence and situational control.

This partnership coincides with the unveiling of AOI’s new building in Cairo and the opening of Iveda’s Innovation Offices within it. Iveda’s Founder and CEO, David Ly, attended the event on October 10th, 2024, where he showcased IvedaAI and the VEMO Body Cam to Egyptian officials and industry experts.

Ly emphasized the importance of this development, stating, "Our partnership with AOI and ZeroTech represents a pivotal step in the localization of Iveda's products for the Egyptian market. By manufacturing the VEMO Body Cam in Egypt, we are not only accelerating the deployment of cutting-edge technology but also supporting the region’s goals in advancing security and safety solutions.” He continued, "I am also thrilled to announce that we have appointed an Egyptian Market Manager to oversee operations and ensure we meet the increasing demand for our solutions in the region."

ZeroTech Egypt produces half a million surveillance cameras annually, with more than 95 different models to meet the needs of various facilities––including banks, museums, and hotels––while exporting part of its production to neighboring countries. Yasser Helmy Abu-Hashim, CEO of ZeroTech commented, "We are excited to further integrate Iveda’s ground-breaking innovations into the Egyptian market. Iveda’s flagship technology, IvedaAI, has already demonstrated its value across various sectors, seamlessly complementing many of our existing camera solutions. With its flexibility to enhance nearly any of our models, we look forward to expanding our offerings and deepening our partnerships with current and new customers throughout the region."

Major General Ahmed Mohamed Abd Elaziz, Chairman of AOI Electronics, added, "We are ready to mass-produce the VEMO Body Cam to fulfill direct orders from our government. This partnership unites technological powerhouses across borders, and we are thrilled to be at the forefront of this new era in security. By combining our manufacturing expertise with Iveda's groundbreaking AI technology, we are creating solutions that will redefine security for both the region and the world."

For further information about Iveda’s solutions, please contact our sales team at sales@iveda.com.

About Iveda Solutions®

Iveda (NASDAQ: IVDA) is a global provider of cloud-based AI search and surveillance technologies that protect people, places, and assets worldwide. Leveraging IoT platforms, smart sensors, and AI, Iveda empowers cities and organizations to undergo digital transformation and seamlessly transition into the fifth industrial revolution. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol "IVDA.”

About ZeroTech

Since 2002, ZeroTech has been an innovator in security hardware and software, producing industry-leading surveillance systems, access control solutions, and home automation. Their products are used in a variety of sectors, including retail, transportation, banking, and hospitality, and are certified to meet international quality standards.

About AOI Electronics

The Arab Organization for Industrialization (AOI) is a major industrial entity in Egypt, founded in 1975 to advance technology-based industries across the Arab world. AOI Electronics, established in 1979, manufactures a wide range of advanced electronic equipment.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241031191465/en/

Media Contacts

Olivia Civiletto Erwin

olivia@dottedlinecomm.com

716.785.1108

Source: Iveda

FAQ

What is Iveda's new partnership in Egypt for VEMO Body Cam manufacturing?

Iveda (IVDA) has partnered with the Arab Organization for Industrialization (AOI) and ZeroTech to locally manufacture VEMO Body Cam in Egypt, integrating it with IvedaAI technology for government and private sector use.

How many surveillance cameras does ZeroTech Egypt produce annually?

ZeroTech Egypt produces half a million surveillance cameras annually, with more than 95 different models serving various facilities including banks, museums, and hotels.

What is the significance of Iveda's (IVDA) expansion in Egypt?

The expansion allows Iveda to localize its products for the Egyptian market, establish local manufacturing capabilities, and access both government and private sector markets in Egypt and surrounding regions.