Benzinga | Mar 15, 2021 08:34AM EDT

Innodata Says Expands Engagement With Leading Social Media Platform For Up To $7M In AI Services For 2021

Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has signed an amendment to its statement of work with one of the world's leading social media platforms to provide up to $7.0 million in AI services in 2021. The newly signed amendment represents a potential revenue expansion of up to 35x last year's revenue with this leading social media platform that became an Innodata customer in the second quarter of 2020.

AI-related spend by social media platforms is expected to grow to $2.6 billion by 2023, up from $0.5 billion in 2017, representing a compound annual growth rate (CAGR) of 28.6% during the forecast period.[1] Innodata provides a comprehensive suite of cutting-edge AI services for social media platforms, such as search query and product classification, sentiment analysis, misinformation and toxicity identification, and trends representation. These services help tune the platforms' algorithms to continually refine search accuracy and product advertising, mitigate misinformation, remove NSFW (not safe for work) content, and improve overall user experience.

"Leading social platforms are increasingly incorporating artificial intelligence to better connect with and service their subscribers and customers," said Jack Abuhoff, Innodata's CEO. "Our 30-year reputation for delivering high-quality data to many of the world's most discriminating customers resonates with social media companies because higher quality data means vastly improved AI performance - a source of important competitive advantage for these companies."

For more information, or to arrange a demonstration, please contact:

Suzanne Srsich

Telephone: (201) 371-8033

Email: ssrsich@innodata.com

For press enquiries, please contact:

Melody Travers

Email: Press@innodata.com