Iveda Files Patent for Industry-First Liquid Storage Management IoT Sensor

Iveda Files Patent for Industry-First Liquid Storage Management IoT Sensor

In response to customer demand, Iveda enhances LevelNOW--a customizable IoT sensor solution for remote monitoring and control--with new patent pending

Mesa, Arizona - August 29, 2024-Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced a new patent pending for LevelNOW, its next-generation tracking and monitoring solution for efficiently monitoring liquid storage and management. In industries like oil and gas, where billions of dollars are invested annually in liquid storage infrastructure, LevelNOW offers real-time monitoring and control, helping companies address critical issues such as leaks, evaporation, and theft during liquid transit and storage. By providing operators with accurate data and timely alerts, this first-of-its-kind solution aims to reduce costly losses and improve operational efficiency.

Iveda's new patent covers LevelNOW's customizable IoT sensor, which can measure liquid levels externally on containers of various sizes and shapes, eliminating the need for expensive internal replacement sensors.

Iveda's LevelNow solution is already transforming customer care for a major oil company in Australia. As oil runs low for their customers, the technology enables the organization to dispatch refills just-in-time, ensuring that service is never disrupted.

The intermediate bulk container (IBC) and metal drum market size is projected to grow to $24.1B+ by 2030, and safe storage and transportation of metal drums was included as one of the top growth opportunities for the industry. The ability to leverage IoT sensors--specifically those that work with existing equipment to communicate the data to the LevelNOW platform--directly addresses this growth opportunity and allows the system to take data-informed action on behalf of the human, increasing accuracy and efficiency, too.

"This innovation comes from being in the field with our customers and truly listening to their needs and desires," said David Ly, CEO and founder of Iveda. "When Iveda develops a new solution for a customer pain point, we always prioritize working with their pre-existing equipment over reinventing the wheel. Not only does this provide major cost savings, but also saves time as users don't need to learn to operate new gear. By enhancing our LevelNOW solution through this new patent, Iveda is underscoring its commitment to industry-specific innovation that simplifies everyday workflows."

Since the launch of LevelNOWin May, Iveda has already sold hundreds of units, demonstrating the solution's effectiveness through successful deployment, and indicating strong market acceptance and the potential for wider adoption.

"Providing a critical partnership for the oil and gas industry, Iveda has demonstrated its dedication to creating solutions that make our jobs easier," said Rakesh Takoo, Managing Director of Auzpack. "With LevelNOW, we're able to offer the benefit of real-time intelligent data management for all who handle 200-liter containers. As a previous executive at the largest container and drum company in the world, I've seen firsthand the challenges within liquid storage management; with LevelNOW, Iveda is solving decades-old problems, providing reliable and efficient solutions for our customers."

By improving safety, enhancing operational efficiency, and providing tangible savings, LevelNOW is revolutionizing liquid storage management, making it an essential tool for companies looking to protect their assets and boost profitability.

To learn more about LevelNOW, Iveda's new patent pending, and for direct global sales inquiries, please reach out to [email protected].

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".

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