Business
Innodata Lands Significant LLM Expansion with New "Big Five" Customer Announced July 18, 2023
Raises Previously Provided Guidance to $25 Million of End-of-Year Run Rate Revenue, up by $10 MillionNEW YORK, NY / ACCESSWIRE / August 29, 2023 / Innodata
About this update from Innodata Inc.
[{"type":"text","content":"Raises Previously Provided Guidance to $25 Million of End-of-Year Run Rate Revenue, up by $10 MillionNEW YORK, NY / ACCESSWIRE / August 29, 2023 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it is expanding its large language model (LLM) development program with the new customer it announced July 18, 2023. The customer is one of the \"Big Five\" global tech companies. As a result, Innodata now anticipates potentially reaching an annualized run rate of $25 million or more by the end of 2023, an increase of $10 million from the potential annualized run rate of $15 million announced on July 18, 2023.\"We are very pleased to have landed this expansion so early in our relationship with this new customer,\" stated Jack Abuhoff, Innodata CEO. \"The customer has shared with us how pleased they are with the quality of our work and the working relationship we have quickly cultivated. We anticipate potential opportunities for further expansion in 2024.\"About InnodataInnodata (NASDAQ:INOD) is a global data engineering company delivering the promise of AI to many of the world's most prestigious companies. We provide AI-enabled software platforms and managed services for AI data collection/annotation, AI digital transformation, and industry-specific business processes. Our low-code Innodata AI technology platform is at the core of our offerings. In every relationship, we honor our 30+ year legacy delivering the highest quality data and outstanding service to our customers. Visit www.innodata.com to learn more.Forward Looking StatementsThis press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Words such as \"project,\" \"believe,\" \"expect,\" \"can,\" \"continue,\" \"could,\" \"intend,\" \"may,\" \"should,\" \"will,\" \"anticipate,\" \"indicate,\" \"forecast,\" \"predict,\" \"likely,\" \"goals,\" \"estimate,\" \"plan,\" \"potential,\" \"promises,\" \"possible,\" or the negatives thereof and other similar expressions generally identify forward-looking statements, which speak only as of the date hereof.These forward-looking statements are based on management's current expectations, assumptions and estimates and are subject to a number of risks and uncertaintie...