Iveda Expands Partnership with Evergreen Aviation, Transforming the AI-Powered Smart Drone Industry

March 19, 2024 at 08:00 AM EDT

Military-grade smart drones to be deployed in multiple countries for real-time surveillance and security

Iveda® (NASDAQ: IVDA), the global solution for cloud-based AI, today announces the expansion of its partnership with Evergreen Aviation Technologies Corp. (EGAT), a leading aircraft maintenance solutions provider, following the success of the partnership over the past year. Together Iveda and EGAT are continuing to expand AI-powered smart drone applications around the globe in areas including the Philippines, Mexico, the U.S., and the Middle East. Growing their partnership, EGAT and Iveda will proceed with the development of military-grade smart drones, equipped with Iveda’s AI Video Analytics and sensor technologies, to assist with confidential military deployments, flood and fire surveillance, border and coastal patrol, livestock tracking, remote equipment searches, infrastructure inspections, and basic aerial crowd traffic control.

Having responded to multiple Requests for Proposals (RFPs) from both private and government entities from the countries mentioned above, the potential value of this partnership expansion exceeds $2.5 million to date, with one significant RFP valued at $1.8 million. To date, the typical drone configurations requested have ranged from $90,000 to $350,000 per unit. EGAT will continue to provide Iveda with the assets, technical support, and training to facilitate the promotion and sale of its drone products on a global scale, which is especially important as Fortune Business Insights predicts the commercial smart drone market to reach $54.81 billion by 2030.

“Through this partnership, Iveda's state-of-the-art AI technology combined with EGAT's aircraft-building expertise has resulted in incredibly powerful and truly autonomous smart drones,” said David Ly, Iveda CEO and founder. "As this partnership has grown over time, it's been exhilarating to see the dots connecting with Iveda and EGAT making efforts to provide our AI-powered smart drone solutions for critical applications across the globe, helping to protect what matters most to our customers."

Currently, one existing AI-powered drone is stationed near Iveda’s headquarters in Mesa, Arizona, at Falcon Field Airport, and is being used for customer demonstrations. This on-site exhibition will allow potential clients from various industries to witness first-hand the manually controlled and autonomous capabilities of AI-powered smart drones.

“Iveda and EGAT’s smart drones are seamlessly executing missions automatically, ensuring the safety of operations and enabling continuous, around-the-clock monitoring for our customers throughout the world,” said Richard Tsay, Iveda’s Director of Product Development. “We are delighted to continue our partnership with EGAT as we work to expand our global footprint for security and surveillance for years to come.”

This news comes at a time of major global growth for Iveda, having recently announced Australian-based Auzpack as a newly signed reseller partner, multi-million dollar partnerships for AI-powered security across Vietnam, a Latin American exclusive partner which anticipates $5M for 2024, the opening of a new office in Cairo, Egypt, and a $3.2M contract with the Taiwanese government for AI video search and surveillance among other major international expansions.

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”.

About Evergreen Aviation Technologies Corp.

Evergreen Aviation Technologies Corporation (EGAT), a joint venture between Evergreen Group's EVA Air and General Electric (GE) since 1998, consistently delivers exceptional aircraft maintenance solutions to airline partners. An FAA, EASA, and JCAB Part-145 repair station, along with a host of other agencies, EGAT has emerged as a reputable MRO service partner with more than 40 airlines, being voted Best MRO in the region in 2009, and 2011.