Seoul, South Korea - South Korean AI data company CrowdWorks (KOSDAQ: 355390) has posted record annual revenues, capitalizing on the growing hype around generative AI tools.
The company reported revenues of KRW 23.9 billion ($17.9 million) for 2023, up 101% year over year.
Operating losses were significantly reduced by 76% to KRW 1.5 billion ($1.1 million).
A significant portion of CrowdWorks' growth can be attributed to increased enterprise demand for the data needed to train large language models (LLMs).
The company's LLM platform will contribute approximately 15% of total revenue by 2023.
CrowdWorks' AI data specialist training business has also experienced significant growth.
Recognizing the evolving AI landscape, CrowdWorks aims to transform itself from a data specialist to a full-service AI technology company.
"We want to be the partner that helps companies navigate the complexities of AI innovation and achieve sustainable growth," said CFO Sangmin Lee.
