IVS, which specializes in intelligent video and sound source analysis, signed a contract with A&P Partners, a U.S. investment firm, to establish a U.S. joint venture, "IVS USA Inc.," at its IVS office in Singapore on Nov. 17.
A&P Partners will invest $5 million in initial investment, with IVS holding a 30 percent stake in return for granting exclusive U.S. business rights. The joint venture will be established within December 2019, and upon its establishment, the joint venture will pay $500,000 to IVS.
IVS CEO Bae Young-hoon said, "The establishment of the U.S. joint venture will pave the way for our successful entry into the vast U.S. market. We will soon bring in talented people in the U.S. to make full-fledged inroads into the public and private American markets"
He added, "By entering the U.S. market after Japan, we will actually grow into a global company in the field of intelligent analysis."
IVS is currently establishing its position as a global security company at home and abroad by entering the AI device, cloud intelligent control, and big data fields as well as intelligent video and sound source fields.
