US Government Agency Extends Product Support Agreement with Irisity

Fri, Feb 02, 2024 09:12 CET

Irisity AB (publ), a provider of AI-driven video data management software, reports a renewal with ongoing upgrades for an enterprise security contract with a US government agency. It is an Annual Recurring Revenue (ARR) contract, marking the third year of the agency relying on this deployment, provided in partnership with a US-based integrator.

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US Government Agency Extends Product Support Agreement with Irisity

Gothenburg, Sweden – February 2, 2024 – Irisity AB (publ), a provider of AI-driven video data management software, reports a renewal with ongoing upgrades for an enterprise security contract with a US government agency. It is an Annual Recurring Revenue (ARR) contract, marking the third year of the agency relying on this deployment, provided in partnership with a US-based integrator.

The contract began in December 2021 for 1200 licensed cameras. In November of 2023 the customer renewed the software upgrade plan worth approximately 277,000 SEK per month, billed annually. The customer utilizes the Irisity InnoVi Enterprise software deployed in a network with exceptionally rigorous cybersecurity standards. The Irisity InnoVi software is deployed on-premises, within an air gapped network. The system is integrated with the customer’s Milestone XProtect video management system. The deployment involves highly secure locations in both the south-central US and Washington DC. Events generated by the InnoVi AI software are sent to a centralized Security Operations Center (SOC) for management.

Developed by Agent Vi, a leader in AI analytics, InnoVi Enterprise software became part of Irisity's suite of software following their acquisition of Agent Vi in 2022. By combining the AI video analytics and security technologies of both companies, the merger has resulted in more advanced and comprehensive video data management and personalized AI analytics. Irisity continues to actively support and enhance InnoVi Enterprise, ensuring its continued advancement.

The agency chose Irisity's (InnoVi) software due to its ease of installation, scalability, robust support and most essentially, its high levels of accuracy. The AI requirements of this customer involve accurate threat detection and tracking of vital assets, procedures, and personnel vital to the US government. The AI monitors cameras both inside and outside highly secure areas. A distinct requirement was the AI’s ability to estimate and track the speed of approaching vehicles.

Commenting on the contract renewal and Irisity's commitment to its clients, Irisity Chief Operating Officer Raziel Bareket states, "at Irisity, we champion our clients' objectives and goals with dedication and enthusiasm.” This renewal reflects our commitment to continuous product enhancement, ensuring that our customers’ operations are equipped with the most advanced and secure technology."

About Irisity AB

Irisity’s AI Open Platform enhances any camera and video management system by integrating a choice of advanced AI and video metadata management featuring hybrid architecture, built-in anonymization and flexible deployment (on-premises, cloud, or hybrid). Globally trusted in over 3000 locations, our platform delivers real-time, efficient and precise data, augmenting human decisions to improve safety, operational efficiency and organizational intelligence.

The Irisity AB (publ) share is listed on Nasdaq First North Growth Market, with the ticker IRIS, the Company’s Certified Adviser is Carnegie Investment Bank AB.

Raziel Bareket, COO
Email: raziel.bareket@irisity.com
https://irisity.com

US Government Agency Extends Product Support Agreement with Irisity

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