NEW YORK, NY / ACCESSWIRE / September 15, 2021 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced it has expanded its AI data annotation capabilities to include patient medical records and has won a contract with a new customer, a Fortune 500 insurance company, to support its medical record predictive model development and business analytics. Innodata anticipates revenue from the engagement will be approximately $3 million one-time and approximately $800 thousand per year ongoing.
By synthesizing capabilities from its AI data annotation platform and Synodex medical data extraction platform, Innodata has created a medical record AI data annotation platform that can create large volumes of high-quality AI training data, is fully HIPAA-compliant, meets stringent information security protocols, and leverages auto-tagging intelligence with Innodata's proprietary AI models.
AI-related spend in the global healthcare market is expected to reach $62 billion by 2027, up from $3 billion this year. Analysts expect AI to be applied to areas like diagnostics, risk analytics, precision medicine, administrative processes within provider and payer organizations, and drug discovery. Major factors driving this growth include the increasing volume of healthcare data, the growing complexity of datasets, the need to reduce healthcare costs, and the recent AI adoption by pharmaceutical and biotechnology companies to expedite COVID-19 vaccine and drug development.
'As AI moves from a 'nice-to-have' to a 'must-have', healthcare, insurance, and life sciences companies are likely to confront the data challenges most often cited as impeding AI success,' said Jack Abuhoff, Chief Executive Officer at Innodata. 'Innodata is well-positioned to help these companies successfully overcome their data challenges and scale their use of AI.'
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 3,500 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.
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Our actual results could differ materially from the results referred to in forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, uncertainty around the COVID-19 pandemic and the effects of the global response thereto and the risks discussed in Part I, Item 1A. 'Risk Factors,' Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and other parts of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 15, 2021, as updated or amended by our other filings with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the Federal securities laws
 Artificial Intelligence in Healthcare Market By Offering (Hardware, Software), By Technology (Machine Learning, Context-Aware Computing, Natural Language Processing, Computer Vision), By End-Use (Hospitals & Healthcare Providers), and Region Forecast To 2027 (Reports and Data, January 2021).
SOURCE: Innodata Inc.
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