Innodata Announces Start of Generative AI Development With Top-Five Big-Tech Existing Customer
Anticipates total customer revenue could exceed $8 Million in 2023
Reports strong forward momentum toward signing generative AI programs with two new Big Five customers
NEW YORK, NY / ACCESSWIRE / June 14, 2023 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced it has kicked off generative AI training dataset development for a leading cloud infrastructure and platform services company that is an existing customer of Innodata.
"This is the first of the three potentially transformative generative AI customer engagements we referred to in our May 11, 2023 first quarter earnings release," said Jack Abuhoff, Innodata Chief Executive Officer. "We anticipate potentially exceeding $8 million or more in total revenue with this customer in 2023.
"The other two generative AI deals we referred to in our earnings release are continuing to track positively. These are with two other Big Five global technology companies, each of which would be a new Innodata customer. We are presently completing vendor onboarding processes and finalizing agreements with them. While there is always the risk that one or both do not close, there is strong forward momentum on both."
In its May 11, 2023 first quarter earnings release, Innodata announced potentially transformative deals in generative AI with three of the largest global technology companies.
Innodata's generative AI data engineering services for development and fine-tuning of generative AI foundation models include demonstration, instruction tuning, reinforcement learning from human feedback (RLHF), and red teaming to identify model vulnerabilities. Data modalities include text, code, 2D and 3D imagery, and video within basic, advanced and specialized domains.
Learn more about Innodata's generative AI training and fine-tuning services and platforms here and stay up to date on recent Innodata news here.
About Innodata
Innodata (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 Statements
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Our actual results could differ materially from the results referred to in forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, uncertainty around the COVID-19 pandemic and the effects of the global response thereto and the risks discussed in Part I, Item 1A. "Risk Factors," Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations," and other parts of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 24, 2023, as updated or amended by our other filings that we may make with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date hereof.
We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the Federal securities laws.
Company Contact:
Marcia Novero
mnovero@innodata.com
201-371-8015
SOURCE: Innodata Inc.
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