10 High Growth IT Stocks To Invest In Now

6. Innodata Inc. (NASDAQ:INOD)

5 Year Revenue CAGR: 19.59%

Average Upside Potential as of November 14: 17.43%

Innodata Inc. (NASDAQ:INOD) provides business process, technology, and consulting services. It also provides products that aim to help clients create, manage, use, and distribute digital information. It’s a global data engineering company specializing in AI data preparation, data engineering support services, medical record transformation, and marketing communications. It serves a range of industries including banking, insurance, finance, technology, and media.

The company’s third quarter was marked by significant growth, driven by increased demand for AI-related services. It generated $30.6 million in revenue from a single Big Tech customer, exceeding initial projections of $27.6 million per quarter, due to the company’s ability to provide critical data engineering services, particularly in the realm of GenAI. The overall revenue for Q3 totaled $52.22 million.

It’s focused on supporting Big Tech companies in developing cutting-edge GenAI models. This involves providing high-quality data, including supervised fine-tuning data and pre-training data. The company is also addressing the growing challenges of data privacy and model quality, particularly as AI models become more sophisticated.

In addition to Big Tech partnerships, Innodata Inc. (NASDAQ:INOD) is expanding its enterprise services to help businesses adopt GenAI. This includes providing consulting, AI services, and digital services to enable businesses to leverage AI-powered solutions. It’s also developing B2B industry applications and enterprise platforms, such as Agility, to address specific niche use cases. Its strong financial performance, coupled with its strategic focus on AI, positions the company for continued growth and success.