Inuvo Inc. expects to report on Feb. 13 that its new product, IntentKey, generated $8.5 million in revenue in its first fiscal year, which ended Dec. 31.
The company launched IntentKey in early 2019, said Chairman and CEO Richard Howe. He describes it as a data platform that represents “a whole new way of thinking about data in the context of a privacy-centric world and all of the issues associated with that.”
Revenue from IntentKey for the third quarter that ended Sept. 30 was $2.6 million, compared with $2 million in the second quarter and $1.3 million in the first quarter.
The company is projecting that IntentKey will generate another $2.6 million in the fourth quarter.
“So we’re pretty pleased with that,” Howe said. “Good gross margins. Customer performance numbers have been terrific, and we’ve got some pretty significant brands that we signed up.” He declined to disclose brand names.
IntentKey uses artificial intelligence to provide data to clients that is free and clear of the privacy concerns many consumers have, Howe said. “We don’t need any data to manufacture data … That’s what the power of the AI is. The AI, sort of, manufactures information without all the risks associated with getting it from people,” he said. Those people may have obtained data illegally or not scrubbed it of Social Security numbers, for example.
Advertising and marketing professionals have an appetite for data, and there is a lot of competition, Howe acknowledged. But, he said, “We’ve got a data set that they don’t have. We only have it for ourselves, and we only offer it to our clients.”
Inuvo is focused on growing IntentKey and plans to hire more salespeople to accomplish that, Howe said. Already, 25 of its 65 employees are working on the product.
Sign up for Daily E-news
