Turing, a company which works with engineers to provide code for AI projects — including assisting in the building of LLMs for OpenAI among others and creating generative AI apps for enterprises — has secured $111 million funding in a Series E round, doubling its valuation to $2.2 billion.
The latest investment was led by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad, while other investors who participated include WestBridge Capital, Sozo Ventures, UpHonest Capital, AltaIR Capital, Amino Capital, Plug and Play, MVP Ventures, Fortius Ventures, Gaingels, and Mastodon Capital Management. The Palo Alto-based startup has raised $225 million to date.
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“Instead of setting up buildings and having developers work inside offices, Turing creates a new category with talent in the cloud. Top-tier talent sourced by software, vetted by software, matched by software, and managed by software, massively increasing the scalability and efficiency of the business,” WestBridge Capital’s Managing Director Sumir Chadha said in a statement.
Turing currently generates around $300 million in ARR (annualized revenue run rate), and when this latest round was valued, it stood at $167 million. Turing is seeing immense growth, and CEO Jonathan Siddharth claims it has been profitable for a year. Turing also claims to work with over 4 million coders per year, though the number of actual Turing employees remains much smaller.
Turing states that it plans to use the fresh capital to support research and development, as well as sales and marketing initiatives for its two primary business segments — Turing AGI Advancement and Turing Intelligence.
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Turing AGI Advancement focuses on enhancing the AI capabilities in areas such as reasoning, coding, multimodality, and STEM. “At Turing, our goal is to accelerate AGI advancement and deployment to build powerful AI systems with real world impact,” Siddharth said.
Turing originally began effectively as a human resources startup. Its early product was a platform for vetting and hiring remote coders, a business that started to take off during the COVID-19 pandemic, as the world sought better tools to source and manage remote teams. That business was strong enough to catapult the company to “unicorn” status.