Iveda deploys Cloud Video Surveillance on the Farglory Dome, a landmark of Taiwan. The Farglory Dome contract of US $1.7 million with telecom giant Chunghwa Telecom of Taiwan is another big win for Iveda to accelerate its growth plan this year.
Mesa, Ariz. (May 3, 2021) - Iveda® (OTCMKTS: IVDA), today announced that the Taipei’s NTD 47 million (~US $1.7 million) Farglory Dome project is back on track. Chunghwa Telecom, Iveda’s long-time partner, requested Iveda to return to work last fall after a long delay on this project from the Taipei City Government in May 2015. The project with Chunghwa is expected to be completed no later than March 2022. Iveda is the worldwide provider of IvedaAI™ intelligent video search technology, Sentir® video surveillance products, IvedaPinpoint™ and IvedaHome™ IoT (Internet of Things) platforms with smart devices.
“We are thrilled to resume working with Chunghwa to finally complete the project we started in 2014,” said I.H. Shiau, president of Iveda Taiwan.
The Farglory Dome project adds unexpected revenue stream for Iveda while the company is already well on its way to reach explosive growth this year.
The contract calls for deploying a cloud video surveillance system, which is part of the new facilities management plan. Iveda has been working with Chunghwa Telecom to design and install a cloud video surveillance system on a private cloud, utilizing Sentir Video. The solution will centralize video management, storage and access for all the surveillance cameras at the Farglory Dome.
The largest venue of its kind in Taiwan, Farglory Dome is a multi-purpose complex with a 40,000-seat indoor stadium, a venue for sporting events, performances, gatherings and exhibitions. The complex also includes arts and entertainment, a shopping mall, a hotel, an office building, a baseball museum and a cultural park.
The Farglory Dome (or Taipei Dome) is a major landmark in Taipei, adjacent to what was once the tallest building in the world, Taipei 101.
“Having Chunghwa, the largest integrated telecom service provider in Taiwan, trusting our ability to deploy a cloud video surveillance system on a large scale further validates our credibility and the quality of our technology,” said David Ly, CEO of Iveda.
According to Fortune Business Insights, the global video surveillance market is projected to reach $33.6 billion by 2026. Increasing demand for surveillance cameras and the application of AI-based video analytics are likely to fuel market growth.
It is noted that Iveda has already made it on the hefty list of video surveillance and storage market leaders including Honeywell, HP, Cisco, Western Digital,and Pelco. During the past few years Iveda has invested much more time and resources to fine tune and finalize all facets of its digital transformation product offerings with speciality in video surveillance and smart city management.
The Farglory Dome contract with telecom giant Chunghwa Telecom of Taiwan is another big win for Iveda to accelerate its growth plan this year.
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.
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This blog 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.
