Iveda’s VumastAR AI Software Will Recognize Oil Spills for Safety Applications with Major Oil Companies in Australia and the US

Mesa, AZ - September 4th, 2024 - Iveda(NASDAQ: IVDA), the global leader in cloud-based AI, today announces the commencement of applying its AI vision software, vumastAR, to recognize and respond to oil spills. VumastAR (pronounced "view master") is an innovative, AI vision software designed to make day-to-day tasks easier than ever before. Iveda's next-generation, customizable AI system is compatible with a wide range of smart devices--from existing IP cameras, AR glasses, and Android devices-providing instant insights across nearly any process or scenario. Iveda is currently developing this technology for upcoming proof-of-concept projects with major oil companies in Australia and the United States, addressing the growing need for advanced safety solutions in the oil and gas industry.

Currently, staff across the oil industry are required to drive around in shifts to manually check for oil spills, a process that is both time-consuming and costly. vumastAR's AI-driven detection and automatic alerts reduce the need for these manual checks, resulting in substantial savings on labor and faster detection times, ultimately protecting both the environment and company resources.

The global oil spill management market is projected to growfrom USD 153.38 billion in 2023 to USD 175.79 billion by 2028, driven by increasing regulations and awareness of environmental protections. As environmental concerns and safety regulations continue to grow worldwide, the ability to quickly and accurately detect oil spills is more critical than ever. Iveda's custom AI model for this specific use case will provide immediate alerts to ensure rapid response, minimizing environmental impacts while also saving clients operational costs.

"We've seen a significant increase in interest from the oil and gas industry for AI solutions that can enhance safety and environmental protections," said David Ly, CEO and Founder of Iveda. "Our focus remains on delivering cutting-edge technology that aligns with ESG (Environmental, Social, and Governance) principles, ensuring that our solutions not only meet industry needs but also contribute to broader sustainability goals."

Richard Tsay, Iveda's Director of Product, added, "vumastAR's versatility extends beyond just oil spills; it is designed to serve a multitude of industries, from ensuring environmental safety to enhancing retail operations. This adaptability makes vumastAR a powerful tool for any sector looking to leverage AI for real-time monitoring and decision-making."

vumastAR's algorithms are designed for continuous learning, enabling the platform to tackle new challenges and deliver tailored solutions for a wide range of industries. With the ability to detect oil spills, Iveda continues to advance its mission of providing innovative AI technology that addresses the specific needs of its global clients.

To see how vumastAR can be trained to improve your organization's safety and efficiency, reach out to us at [email protected].

About Iveda Solutions®

Iveda (NASDAQ: IVDA) provides global solutions for cloud-based video AI search and surveillance technologies that protect the people, places, and things that matter most. Iveda's technology delivers instant intelligence to existing infrastructure, enabling cities and organizations worldwide to seamlessly enter the fifth industrial revolution. Iveda operates at the forefront of the digital transformation of cities across the globe, using IoT platforms with smart sensors and devices to support public safety, security, elderly care, energy efficiency, and environmental preservation. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol "IVDA."

Media Contact
Olivia Civiletto Erwin
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