Iveda Solutions announced the completion of its previously announced $2.5 million private offering. The offering was conducted on a private placement basis and limited to accredited investors as defined by the SEC. Funds were raised through broker dealers who are members of FINRA, with existing shareholders, and through direct placement.
The funds will be used to support the Company’s growth, fulfill near-term sales opportunities, and pay operating expenses.
David Ly (President and CEO, Iveda Solutions): These are the toughest of times to raise capital. You have to have a lot more than just an idea. You need a good product and strategy to back it up.
About a week ago, Iveda also appointed three new directors – Robert Gillen, Alex Kuo, and Alejandro Franco – to its Board.
Based in Mesa, Arizona with a subsidiary in Taiwan, Iveda Solutions provide cloud-based video hosting and real-time remote surveillance services. The Company has a SAFETY Act Designation by the Department of Homeland Security as a Qualified Anti-Terrorism Technology.