Innodata $INOD has made me pretty happy over the past month. The stock has gained roughly 35% since the beginning of September, and I bought it just a month ago, when I was analyzing the company.

Innodata doesn’t develop any chatbots, but it supplies major technology companies with data to train and test their AI models.

And so far, it seems to be working pretty well. In the second quarter, revenue rose 58% year over year to $92.1 million.

In September, the stock also got a major boost from a report suggesting that Innodata could collaborate with Meta on its new AI agent, Muse. Neither company has confirmed this directly so far, but investors reacted quite strongly to the possibility.

Now there’s another update. Innodata has opened a new lab focused on humanoid robots. Using special cameras, it will record the movements of people and robots, then offer the resulting data to companies developing robots.

This seems like a pretty sensible expansion of the business to me. Robots aren’t just about building them; someone also has to teach them how to move properly and interact with their surroundings. And that’s exactly where Innodata wants to make money.

Of course, it will depend on how many contracts this new area actually brings in. But so far, I’m happy with my purchase, and I’m curious to see where the company goes in the coming years.

Does anyone have Innodata in their portfolio? And what’s your overall take on companies that don’t develop AI models themselves, but supply data to train them? Do you think this can be a source of long-term profits, or will large technology companies eventually be able to do it themselves?