Iveda Expands Market into HOA and Gated Communities

Rhea-AI Summary

Iveda (OTC: IVDA) has partnered with Farnsworth Realty and Management Co. to deploy IvedaAI technology in Home Owner Associations (HOAs) and gated communities, starting with The Wells, a 55+ community in Mesa, Arizona. This initiative aims to enhance security by addressing property crimes, such as burglaries and gate damages. IvedaAI distinguishes itself from traditional license plate readers by providing quicker vehicle identification. With a market size of $33 billion for HOAs in the U.S., Iveda's technology is expected to generate a quick return on investment for communities.

Positive

• Partnership with Farnsworth Realty expands IvedaAI deployment in gated communities.
• Enhances security solutions in communities experiencing property crimes.
• IvedaAI provides faster vehicle identification compared to traditional systems.
• Market potential with a $33 billion HOA industry in the U.S. supports growth.

Negative

• None.

MESA, Ariz., Oct. 05, 2021 (GLOBE NEWSWIRE) -- Iveda (OTC: IVDA), the worldwide provider of IvedaAI^™ intelligent video search technology, Sentir^® video surveillance products, IvedaPinpoint^™ and IvedaHome^™ IoT (Internet of Things) platforms with smart devices, today announced its partnership with Farnsworth Realty and Management Co. for deploying IvedaAI in Home Owner Associations (HOA) and gated communities. Farnsworth Realty and Management Co. recently deployed video surveillance system and IvedaAI to The Wells, a 55+ gated community in Mesa, Arizona.

Some of the crimes in communities that are thought to be low priorities for police departments include gate damages, burglaries and vehicle break-ins. HOAs and residential communities are considered a prime market for technologies such as IvedaAI. According to FBI statistics, losses from property crimes were estimated at $15.3 billion in 2019.

“The implementation of IvedaAI at The Wells adds much needed technology to enhance the safety and security of the community and its residents,” said Steve Vaughn, vice president of operations at Farnsworth Realty and Management Co. “We’ve been Iveda’s customer since 2005 for video surveillance systems. The addition of IvedaAI makes our security solution much more valuable. We look forward to deploying the solution to other properties we manage,” added Vaughn.

Unlike traditional license plate readers, IvedaAI accelerates investigations by filtering searches based on the vehicle’s make, model and color. This is the key factor in providing an investigative lead for law enforcement when a suspect vehicle has no visible plates.

License plate recognition (LPR), also known as ALPR, captures still images, not video. Artificial intelligence extracts numbers and letters from the license plates for cataloging and retrieval purposes. Pictures also may include the make, year, model, and color of a vehicle. Depending on the angle of the camera, the vehicle’s occupants also may be discernible.

Law enforcement agencies have used LPR technology for many years. The difference now is that IvedaAI makes this capability more affordable to HOAs and gated communities. IvedaAI is easy to deploy because it uses existing video surveillance systems and it comes in a compact appliance with AI functions pre-installed.

The benefits of IvedaAI to HOAs and gated communities are immense and return on investment can easily be quantified.

• Supports public/private partnerships between HOAs and law enforcement
• Discourages and prevents tailgating
• Prevents gate tampering and damages
• Searches and identifies suspected vehicles faster
• Alerts and restricts access to unwanted vehicles
• Operates as a standalone onsite system to address privacy concerns
• Outputs for automatic access control applications
• Leverages existing cameras around property
• Grants gate access to guest vehicles on a temporary basis
• Replaces RFID tags for vehicle identification application

According to IBISWorld, the market size of the HOA industry in the U.S. is $33 billion and according to ipropertymanagement.com, there are 351,000 HOAs in the U.S. with an average of 22 new associations being formed every day, roughly 8 million each year.

“Most HOAs have limited budgets. Our technology is affordable, easy to deploy and most importantly, much needed in our communities,” said David Ly, CEO of Iveda. “Return on investment can be realized within a short period of time based on the cost of losses the HOA incurs from unsolved and undeterred crimes within the community,” added Ly.

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Iveda and Sentir are registered trademarks of Iveda Solutions, Inc. IvedaAI, IvedaPinpoint and IvedaHome are trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners.

About Iveda

Iveda^® (OTCMKTS:IVDA) specializes in IoT platforms that offer service providers a turn-key cloud video surveillance system, smart sensors and intelligent video search technology. Iveda utilizes proprietary command center, big data storage and deep-learning algorithms. Iveda has a SAFETY Act Certification from the U.S. Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA.” For more information call (480) 307-8700 or visit www.iveda.com. To follow Iveda visit:
www.facebook.com/ivedasolutions,
www.twitter.com/ivedasolutions or
www.linkedin.com/company/iveda-solutions.

This release includes forward-looking statements. Actual results may vary materially from those expected. Iveda’s business is subject to significant risks and uncertainties described more thoroughly in the Company’s SEC filings, including but not limited to its report on Form 10-12g with audited financials for the year ended December 31, 2020 and December 31, 2019. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact:
Iveda
Luz A. Berg
Chief Marketing Officer & GM
Tel: +1(480) 307-8700
Email: lberg@iveda.com

FAQ

What is the significance of Iveda's partnership with Farnsworth Realty and Management Co. for IVDA?

The partnership enables Iveda to deploy its IvedaAI technology in Home Owner Associations (HOAs), enhancing security in residential communities.

How does IvedaAI improve security in gated communities?

IvedaAI accelerates vehicle identification and helps prevent property crimes, providing a valuable security upgrade.

What market opportunity exists for IvedaAI in the HOA sector?

The HOA industry in the U.S. is valued at $33 billion, creating a significant growth opportunity for Iveda.

How does IvedaAI differentiate itself from traditional license plate recognition systems?

Unlike traditional systems, IvedaAI filters searches by vehicle attributes, speeding up investigations.

What type of crimes does IvedaAI aim to mitigate in communities?

IvedaAI helps reduce property crimes like burglaries, gate damages, and vehicle break-ins in residential areas.