NEW YORK, NY / May 5, 2021 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has expanded its AI data engineering capabilities to support synthetic data generation and has won its first significant new customer for synthetic data generation. Companies that are building artificial intelligence (AI) and machine learning (ML) models can utilize synthetic data when real-world data is insufficient or unavailable. For its latest win, Innodata was able to define and will execute a synthetic data solution for one of the world’s leading robotics process automation (RPA) companies that is seeking to build and deploy high-performing, fast-to-scale AI algorithms to automate business processes.
Companies are increasingly identifying opportunities to build AI applications – especially in the deep learning domain. High accuracy models, however, require significant training data which may be unavailable. For AI applications that process language and text, data augmentation has been difficult due to language complexity. With Innodata’s synthetic data generation solution, customers can improve model prediction accuracy and mitigate bias even when datasets are small or data cannot be utilized due to data privacy issues.
Innodata’s proprietary data generation solution quickly sources and creates synthetic data across a vast variety of document types and languages and will scale to support large initiatives. Industries that can benefit from synthetic data include automotive (autonomous driving), robotics, manufacturing, financial services, healthcare, and social media.
For its latest win, Innodata was selected by one of the leading RPA companies to help it build high-performing AI models, or intelligent software bots, that can perform across a range of financial documents in five languages. Since the company required the models to perform with faster scalability, it selected Innodata on the strength of its synthetic data capabilities.
“At Innodata, we are continuously innovating to assist our clients with achieving successful AI,” said Rahul Singhal, Chief Product Officer at Innodata. “As data becomes more complex, the creation and usage of synthetic data – data that mimics the real thing – will help our customers overcome real data usage restrictions, simulate not-yet-encountered conditions, and avoid some common statistical problems.”
Learn more about Innodata’s data powered solutions here.
Innodata (NASDAQ:INOD) is a leading data engineering company. Prestigious companies across the globe turn to Innodata for help with their biggest data challenges. By combining advanced machine learning and artificial intelligence (ML/AI) technologies, a global workforce of over 11,500 subject matter experts, and a high-security infrastructure, we’re helping usher in the promise of digital data and ubiquitous AI. Visit www.innodata.com to learn more.
Innodata signs 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, representing a potential revenue expansion of up to 35x last year’s revenue with this leading social media platform.
