Innodata Secures $20 Million in Additional Annual Revenue from Big Tech Customer

Innodata Inc. (NASDAQ:INOD), a data engineering firm based in New York, announced the acquisition of three new large language model (LLM) development programs from a major Big Tech client, part of the elite "Magnificent Seven." These programs are projected to contribute approximately $20 million to Innodata's annualized run rate revenue once fully operational. The company's prior annual revenue from this client totaled around $23 million.

Jack Abuhoff, CEO of Innodata, expressed enthusiasm about the expansion and potential for additional growth opportunities in 2024. He highlighted the quality of Innodata’s data services in enhancing the fine-tuning of LLMs, which has significantly benefited their partnership with the client. Innodata is focused on delivering data services for LLM fine-tuning and evaluations, with five of the Magnificent Seven tech giants utilizing their services by end of 2023. Furthermore, three of these customers significantly contributed to revenue growth in 2023, with optimistic expectations set for 2024 as well.