Iveda Files Patent for Industry-First Liquid Storage Management IoT Sensor

Rhea-AI Summary

Iveda (NASDAQ:IVDA) has filed a patent for LevelNOW, an innovative IoT sensor solution for remote monitoring and control of liquid storage. This technology addresses critical issues in industries like oil and gas, where billions are invested in liquid storage infrastructure. LevelNOW offers real-time monitoring, helping companies tackle problems such as leaks, evaporation, and theft during liquid transit and storage.

The patent covers a customizable IoT sensor that can measure liquid levels externally on various container sizes and shapes, eliminating the need for expensive internal replacement sensors. LevelNOW is already being used by a major oil company in Australia to optimize customer care and just-in-time refills. With the intermediate bulk container (IBC) and metal drum market projected to grow to $24.1B+ by 2030, LevelNOW is well-positioned to address industry growth opportunities.

Positive

• Patent filed for innovative LevelNOW IoT sensor solution for liquid storage management
• LevelNOW addresses critical issues in the oil and gas industry, potentially reducing costly losses
• Customizable IoT sensor can measure liquid levels externally on various container sizes and shapes
• Already sold hundreds of units since launch in May, indicating strong market acceptance
• Positioned to capitalize on the growing IBC and metal drum market, projected to reach $24.1B+ by 2030

Negative

• None.

Insights

Tech Expert

Iveda's patent-pending LevelNOW solution represents a significant advancement in IoT technology for liquid storage management. The innovation lies in its external sensor design, which can adapt to various container shapes and sizes without requiring internal modifications. This approach offers substantial cost savings and easier implementation compared to traditional internal sensors.

The system's real-time monitoring capabilities address critical issues in the oil and gas industry, such as leaks, evaporation and theft. By providing timely alerts and accurate data, LevelNOW could potentially save companies millions of dollars in losses. The just-in-time refill feature demonstrates practical application, enhancing operational efficiency and customer service.

With hundreds of units already sold, LevelNOW shows promising market acceptance. As the IBC and metal drum market is projected to reach $24.1 billion by 2030, Iveda is well-positioned to capitalize on this growing sector, particularly in addressing safety and transportation challenges.

Financial Analyst

Iveda's (NASDAQ:IVDA) LevelNOW solution presents a compelling opportunity in the rapidly growing IoT and liquid storage management market. The projected growth of the IBC and metal drum market to $24.1 billion by 2030 indicates a substantial addressable market for Iveda's technology.

The company's strategy of developing solutions that work with existing equipment is financially prudent, as it reduces adoption barriers and potentially accelerates sales cycles. The successful deployment and sale of hundreds of units since May suggests strong initial traction and potential for revenue growth.

However, investors should note that while the technology shows promise, Iveda is still a small player in a competitive market. The company's ability to scale production, expand its customer base and maintain its technological edge will be important for long-term success. The patent-pending status, if granted, could provide a competitive advantage and potentially increase the company's valuation.

In response to customer demand, Iveda enhances LevelNOW––a customizable IoT sensor solution for remote monitoring and control––with new patent pending

MESA, Ariz.--(BUSINESS WIRE)-- Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced a new patent pending for LevelNOW, its next-generation tracking and monitoring solution for efficiently monitoring liquid storage and management. In industries like oil and gas, where billions of dollars are invested annually in liquid storage infrastructure, LevelNOW offers real-time monitoring and control, helping companies address critical issues such as leaks, evaporation, and theft during liquid transit and storage. By providing operators with accurate data and timely alerts, this first-of-its-kind solution aims to reduce costly losses and improve operational efficiency.

Iveda’s new patent covers LevelNOW’s customizable IoT sensor, which can measure liquid levels externally on containers of various sizes and shapes, eliminating the need for expensive internal replacement sensors.

Iveda’s LevelNOW solution is already transforming customer care for a major oil company in Australia. As oil runs low for their customers, the technology enables the organization to dispatch refills just-in-time, ensuring that service is never disrupted.

The intermediate bulk container (IBC) and metal drum market size is projected to grow to $24.1B+ by 2030, and safe storage and transportation of metal drums was included as one of the top growth opportunities for the industry. The ability to leverage IoT sensors––specifically those that work with existing equipment to communicate the data to the LevelNOW platform––directly addresses this growth opportunity and allows the system to take data-informed action on behalf of the human, increasing accuracy and efficiency, too.

“This innovation comes from being in the field with our customers and truly listening to their needs and desires,” said David Ly, CEO and founder of Iveda. “When Iveda develops a new solution for a customer pain point, we always prioritize working with their pre-existing equipment over reinventing the wheel. Not only does this provide major cost savings, but also saves time as users don’t need to learn to operate new gear. By enhancing our LevelNOW solution through this new patent, Iveda is underscoring its commitment to industry-specific innovation that simplifies everyday workflows.”

Since the launch of LevelNOW in May, Iveda has already sold hundreds of units, demonstrating the solution’s effectiveness through successful deployment, and indicating strong market acceptance and the potential for wider adoption.

“Providing a critical partnership for the oil and gas industry, Iveda has demonstrated its dedication to creating solutions that make our jobs easier,” said Rakesh Takoo, Managing Director of Auzpack. “With LevelNOW, we’re able to offer the benefit of real-time intelligent data management for all who handle 200-liter containers. As a previous executive at the largest container and drum company in the world, I’ve seen firsthand the challenges within liquid storage management; with LevelNOW, Iveda is solving decades-old problems, providing reliable and efficient solutions for our customers.”

By improving safety, enhancing operational efficiency, and providing tangible savings, LevelNOW is revolutionizing liquid storage management, making it an essential tool for companies looking to protect their assets and boost profitability.

To learn more about LevelNOW, Iveda’s new patent pending, and for direct global sales inquiries, please reach out to sales@iveda.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/20240829091496/en/

Olivia Civiletto Erwin

olivia@dottedlinecomm.com

716.785.1108

Source: Iveda

FAQ

What is Iveda's new patent for LevelNOW?

Iveda (NASDAQ:IVDA) has filed a patent for LevelNOW, a customizable IoT sensor solution that can measure liquid levels externally on containers of various sizes and shapes, eliminating the need for expensive internal replacement sensors.

How does LevelNOW benefit the oil and gas industry?

LevelNOW offers real-time monitoring and control for liquid storage management, helping oil and gas companies address critical issues such as leaks, evaporation, and theft during liquid transit and storage, potentially reducing costly losses and improving operational efficiency.

Has Iveda's LevelNOW technology been deployed successfully?

Yes, LevelNOW is already being used by a major oil company in Australia to optimize customer care and provide just-in-time refills. Since its launch in May, Iveda has sold hundreds of units, demonstrating successful deployment and strong market acceptance.

What is the market potential for Iveda's LevelNOW technology?

The intermediate bulk container (IBC) and metal drum market, which LevelNOW targets, is projected to grow to over $24.1 billion by 2030. This presents a significant opportunity for Iveda's LevelNOW technology in the liquid storage management sector.