Turing Secures $111M Funding at $2.2B Valuation, Empowering OpenAI and LLM Development
In the competitive landscape of artificial intelligence, Turing has emerged as a pivotal player in enhancing the accuracy of large language models (LLMs). The company, which collaborates with a vast network of engineers to contribute to AI projects, has recently announced a remarkable funding achievement that underscores its growing influence in the tech industry.
Turing Secures $111 Million Series E Funding
Turing has successfully raised $111 million in a Series E funding round, effectively doubling its valuation to $2.2 billion. This influx of capital is set to propel the company’s growth as it aims to expand its customer base and diversify its applications in the AI sector.
Financial Growth and Profitability
Currently, Turing boasts an impressive annualized revenue run rate (ARR) of approximately $300 million. Following the latest funding round, the ARR was valued at around $167 million, indicating rapid growth and profitability over the past year. CEO Jonathan Siddharth expressed optimism about leveraging this funding to enhance their offerings.
Collaboration with Engineers Worldwide
Turing engages with an extensive network of around 4 million coders globally. However, the actual number of employees at Turing is significantly smaller, comprising only a few hundred individuals, as noted by one of its investors.
Key Investors in the Funding Round
The funding round was spearheaded by Malaysia’s Khazanah Nasional Berhad, with participation from various esteemed investors including:
- WestBridge Capital
- Sozo Ventures
- UpHonest Capital
- AltaIR Capital
- Amino Capital
- Plug and Play
- MVP Ventures
- Fortius Ventures
- Gaingels
- Mastodon Capital Management
With this latest round, Turing has raised a total of $225 million to date.
Evolution of Turing’s Business Model
Turing’s journey began as an HR tech startup, focusing on vetting and hiring remote coders. The demand for such services surged during the COVID-19 pandemic, leading to significant growth and the achievement of “unicorn” status.
Shift to AI Partnerships
In 2022, Turing caught the attention of OpenAI, leading to a collaboration that shifted the company’s focus toward AI development. OpenAI recognized the value of code in enhancing model reasoning capabilities, prompting Turing to assist in generating code for training datasets.
Future Focus: AI Development and Services
As Turing looks ahead, its primary focus will remain on strengthening its role as a coding provider for future LLMs through its initiative termed Turing AGI Advancement. Additionally, Turing will continue to develop applications and services built on these LLMs under the Turing Intelligence banner.
“We are stepping on the gas to scale up R&D and expand our sales and marketing across all business lines,” said Siddharth, highlighting the company’s commitment to growth.
For further insights into AI advancements and industry trends, visit TechCrunch or explore more about Turing’s initiatives on their official website Turing.com.
