Innodata Sets Eyes on Expanding Partnership in 2024
Innodata Inc., a trailblazer in the data engineering industry, has officially revealed the successful closure of an impressive deal for training artificial intelligence large language models (LLMs) with a top-tier tech giant. This monumental agreement demonstrates the trust and confidence in Innodata’s competence in fueling generative AI innovation programs.
Significant Deal Fuels Innodata’s Growth
A new client in Innodata’s portfolio, the tech giant, has committed to a potential budget of up to $8 million for the remainder of 2023. This partnership sets the stage for a massive growth trajectory for Innodata, who anticipate a run rate that could reach $15 million or more with this customer by the end of the year.
Expansion on the Horizon for Innodata in 2024
Beyond this significant growth, Innodata sees a clear roadmap for further expansion in 2024. The company’s ability to land and expand with large technology companies is evidenced by its successful track record, promising a significant revenue growth opportunity in the near, medium, and long-term future.
CEO Expresses Optimism on Innodata’s Future
“We are overjoyed to announce the culmination of this highly anticipated deal,” stated Innodata CEO, Jack Abuhoff. He further stated, “The client has signalled that generative AI will be pivotal to its future products, and we are prepared and equipped to collaborate on these initiatives. We believe that this new relationship – along with the wins we announced on June 14 and June 27 – are potentially transformative for Innodata.”
Abuhoff’s optimism is a testament to Innodata’s solid foundation and its strategic position in the expanding field of generative AI. With this substantial agreement, Innodata is ready to further enhance its market presence and growth.
INOD: Market Response
Shares of the data engineering company are rallying nearly 20% through early trading on Tuesday, July 18, 2023. Over the past three months, Innodata has seen average daily volume of 536,560 shares. However, volume of 1.07 million shares or dollar volume of around $13.8 million, has already exchanged hands through early trading. As of this writing, shares of INOD have returned over 335% on a year-to-date basis in 2023.
Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/
The post Innodata (NASDAQ: INOD) Closes Major Deal for Training AI Large Language Models, Anticipates Potential $15M Annual Run Rate appeared first on Spotlight Growth.
