Iveda Launches LevelNOW for Efficient Liquid Storage Management

Rhea-AI Summary

Iveda (NASDAQ: IVDA) has launched LevelNOW, a cutting-edge tracking and monitoring solution for efficient liquid storage management. The LevelNOW solution targets oil and gas companies, industrial organizations, and government agencies, offering advanced fluid monitoring, GPS tracking, and real-time alerts to enhance operational efficiency and ensure environmental compliance. Iveda has already received an initial order of 1,000 LevelNOW units from a leading Australian oil company. The global tank level monitoring system market is projected to reach $1,057 million by 2025, positioning Iveda as a key player in the industry.

Positive

• LevelNOW provides advanced fluid monitoring, GPS tracking, and real-time alerts to enhance operational efficiency.

• Iveda has received an initial order of 1,000 LevelNOW units from a leading Australian oil company.

• The global tank level monitoring system market is expected to grow to $1,057 million by 2025, offering significant growth opportunities for Iveda.

Negative

• The market for tank level monitoring systems is competitive, with niche and expensive solutions dominating the current marketplace.

• Iveda faces the challenge of establishing itself as a leading provider of remote fluid management solutions amidst industry competition.

An industry-first customizable sensor solution for remote monitoring and control, LevelNOW enhances environmental compliance for industrial organizations

MESA, Ariz.--(BUSINESS WIRE)-- Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced the launch of LevelNOW, a next-generation tracking and monitoring solution for efficient liquid storage management. A first-of-its-kind solution, LevelNOW targets oil and gas companies, industrial and commercial organizations, and government agencies and officials responsible for environmental compliance and resource management. LevelNOW provides advanced fluid monitoring, GPS tracking, and real-time alerts to enhance operational efficiency, ensure environmental compliance, and provide critical cost savings for customers. Iveda is pleased to announce it has received an initial order of 1,000 LevelNOW units from one of Australia’s leading oil companies.

According to MarketsandMarkets, the global tank level monitoring system market is expected to grow to $1,057 million by 2025. As the market continues an upward trajectory, Iveda is transforming the way companies oversee oil and other fluid levels in remote tanks and containers by developing innovative IoT-based solutions that address the needs for specific industries and use cases. Iveda has tailored the LevelNOW solution to fit seamlessly with existing tank equipment and fitments, addressing the unique needs of customers across various industries.

“Iveda remains dedicated to solving the real-world problems of our customers. Listening to the specific needs of oil and gas companies, we recognized the potential that our AI-backed technology has as it relates to liquid storage management and monitoring,” said David Ly, CEO, and founder of Iveda. “Iveda is focusing on building long-term partnerships and is currently working on building up our comprehensive smart city platform, Cerebro, to integrate IoT technologies like LevelNOW to provide a complete ecosystem of connected services. With one cohesive system, oil and gas companies can ensure all aspects of the operation are communicating simultaneously. Not only does this help to keep employees out of harm's way, but also provides major cost savings.”

LevelNOW is equipped with two different components, including:

• LevelNOW Control Box: A patent pending IoT device designed for precise level measurement and data management, integrated with Iveda's powerful analytics platform to offer a complete solution for tracking, monitoring, and reporting on liquid assets.
• Iveda’s Smart City Platform, Cerebro: This IoT technology connects into the smart city ecosystem by bridging data, orchestrating efficient delivery with GPS. Cerebro serves to manage all aspects of a smart city by processing information and acting on behalf of the citizens and city officials.

“Through this launch, Iveda is positioning itself as a leading provider of remote fluid management solutions, delivering innovative, reliable, and user-friendly products that simplify operations, optimize supply chains and integrate seamlessly into existing workflows and operating systems,” said Rakesh Takoo, Managing Director of Auzpack. “LevelNOW offers advanced features and capabilities including GPS tracking, remote level readings, long battery life, and solar power option – that are not readily available in the current marketplace, which is often dominated by niche and expensive solutions. With Iveda’s LevelNOW solution, gas and oil companies for the first time have access to liquid storage management that meets specific industry need.”

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”.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507915985/en/

Courtney Grieco

courtney@dottedlinecomm.com

631-942-5603

Source: Iveda

FAQ

What is LevelNOW?

LevelNOW is a next-generation tracking and monitoring solution for efficient liquid storage management developed by Iveda (NASDAQ: IVDA).

Who is the target audience for LevelNOW?

LevelNOW targets oil and gas companies, industrial and commercial organizations, and government agencies and officials responsible for environmental compliance and resource management.

What is the market projection for tank level monitoring systems by 2025?

The global tank level monitoring system market is expected to reach $1,057 million by 2025.

What recent partnerships and expansions has Iveda announced?

Iveda has announced partnerships with Australian-based Auzpack, multi-million dollar partnerships across Vietnam, a Latin American exclusive partner, the opening of a new office in Cairo, Egypt, and a $3.2M contract with the Taiwanese government for AI video search and surveillance.