GlobeNewswire Inc | Apr 19, 2021 07:00AM EDT

April 19, 2021

MESA, Ariz., April 19, 2021 (GLOBE NEWSWIRE) -- Iveda(OTCMKTS:IVDA), worldwide provider ofIvedaAI intelligent video search technology, Sentir Video surveillance products, IvedaPinpoint and IvedaHome IoT (Internet of Things) platforms with smart devices, today announced the launch of its Smart Utility Cabinet, a next generation demarcation point (DEMARC) for the future of Utilities worldwide. This specialized DEMARC equipment is another new product for Ivedas digital transformation (DX) solution.

Specifically, the Smart Utility Cabinet is part of Ivedas smart utility solution, a key element in smart utility management for preventing potential safety and security issues where we live and work.

Traditional Utility mainly represents power, gas and water. However, with global transition and evolution of Smart Grid, communications, and AI, the Next Generation of Utility (NGU) has expanded the definition to Smart City Utility that includes safety, digital experience and new values of the NGU.

The Smart Utility Cabinet has an internal environment control design, housed in a durable industrial-grade cabinet. It includes a smart edge computing gateway with multi-RF communication protocols such as 4G, Z-Wave and WiFi and tampering sensor for unauthorized access. Smart water meter and gas meter may be added to the Cabinet.

Ivedas Smart Utility Cabinet is an important addition to our growing line of DX Smart Utility solutions for smart building and smart city deployments, said David Ly, CEO of Iveda. Our technology roadmap will expand to complete our DX offering.

Typically, the service providers responsibility ends at the demarcation point. If there is an issue, it is very difficult for the end user to troubleshoot on their own or call for service or repairs. Ivedas Smart Utility Cabinet is designed not just as a communication DEMARC, but also for other utilities such as power, gas and water leveraging IoT sensors that communicate with the Cabinets edge computing gateway.

Iveda Smart Utility DX Solution enables the next generation utility operator beyond traditional utility service providers. Municipal and government entities may be the new breed of service providers to provide a unique digital experience in public safety, human health services, transportation efficiency and green environment.

It provides advanced functionality at the demarcation point and allows both the end user and the service provider to benefit from a number of ways including:

-- Protection and Security: Layers of protection can be added to the network at the demarcation point through various security protocols with remote push updates as necessary -- Fault Propagation: Link failures can be detected and traffic can be rerouted accordingly. Also, failure alerts can be sent in either direction on the network (end user and service provider) -- AI Backend: Management and control of utility features can be accessed via the Smart Utility Cabinets communication gateways through a local network or cloud service for energy management, security, and automated response to certain alerts and triggers

The Smart Utility Cabinet is similar to DEMARC for traditional telephones Remote Terminal or broadbands Integrated Device (IAD) or power panels for electricity.

The Smart Utility Cabinet provides a new and better experience by giving end users a convenient tool to monitor their daily energy consumption for energy cost savings and to pinpoint electrical leaks to prevent power line overload and potential fire. It utilizes IoT sensors to detect abnormalities in consumption, temperature and tampering.

Home builders, construction companies, electrical/engineering contractors and systems integrators are Ivedas target market for the Smart Utility Cabinet. Through Ivedas channel partner, a builder in Texas is working on a proof-of-concept deployment with an international organization of nations.

For end user application, the Cabinet is ideal for homeowners, property managers, landlords and private home renters on AirBnB or VRBO to remotely manage and monitor utility consumption of their properties.

According to MarketsandMarkets, the global smart cities market size is expected to grow from USD 410.8 billion in 2020 to USD 820.7 billion by 2025. According to the report, smart cities market is expected to grow, owing to the increasing demand for public safety, rising urban population, and growing government initiatives. Smart Cities Association predicts the market to grow to $3.5 trillion by 2026. Ivedas Smart Utility DX Solution is part of the growing smart cities market.

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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. 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:

IvedaLuz A. BergChief Marketing Officer & GM480 307-8700lberg@iveda.com