Business
Innodata Signs Deal with New "Big Five" Tech Customer for AI Large Language Model Development
Up to $8 million budgeted for remainder of 2023Annualized run rate of $15 million or more possible by end of 2023Potential for further expansion in 2024NEW
About this update from Innodata Inc.
[{"type":"text","content":"Up to $8 million budgeted for remainder of 2023Annualized run rate of $15 million or more possible by end of 2023Potential for further expansion in 2024NEW YORK, NY / ACCESSWIRE / July 18, 2023 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has successfully closed a significant deal with one of the five largest technology companies in the world for training the customer's AI large language models (LLMs). The company is a new customer for Innodata. Under the newly signed agreement, the customer has budgeted up to $8 million in spend for the remaining months of 2023.Based on discussions with the customer, Innodata anticipates potentially reaching an annualized run rate of $15 million or more with the customer by the end of 2023 and anticipates potential opportunities for further expansion in 2024.Today's announcement validates the confidence Innodata expressed in its May 11 earnings announcement, in which it stated that the new customer had indicated that it was likely to choose Innodata to provide data engineering for its generative AI innovation programs.\"We are thrilled to announce the closure of this highly anticipated deal,\" stated Jack Abuhoff, Innodata CEO. \"Moreover, the customer has told us that the deal we are announcing today is likely just the beginning - that generative AI will be core to its products in the future and that it is confident we have the capabilities, experience, and technology to partner with them on these initiatives.\"We believe that this new relationship - together with the wins we announced on June 14 and June 27 - are potentially transformative for Innodata. We have a solid track record of land-and-expand with large tech companies, and with the additional tailwinds of generative AI, we believe we're extremely well-positioned. We believe the revenue growth opportunity with these companies is significant in the near, medium, and long-term.\"Learn more about Innodata's AI data collection services here and stay up to date on recent Innodata news here.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 pr...