Turing, a key coding provider for OpenAI and other LLM producers, raises $111M at a $2.2B valuation

Turing raises $111M to enhance AI, now valued at $2.2B, plans dynamic expansion.

: Turing has secured $111 million in a Series E funding, valuing it at $2.2 billion. This boost will support its expansion into new markets and use cases. Founded initially as an HR tech startup, Turing evolved to partner with AI companies including OpenAI, contributing to the development of Large Language Models. By employing 4 million coder talents globally, Turing is advancing in both its original recruitment role and AI/LLM coding services.

Turing, renowned for being a critical coding partner for AI firms like OpenAI, has successfully raised $111 million in a Series E funding round. This funding has propelled its valuation to $2.2 billion, showcasing its rapid growth trajectory. Originally, Turing emerged as an HR tech platform, specializing in vetting and hiring remote coders. This business model gained traction during the COVID-19 pandemic as remote working became normalized, subsequently thrusting Turing into unicorn status. As outlined by CEO Jonathan Siddharth, the recent funding will catalyze Turing's efforts to broaden its customer base and diversify use cases.

Currently, Turing collaborates with approximately 4 million coders worldwide. Despite this vast network, the internal employee count remains in the hundreds, a strategy that appears to optimize operational efficiency. Leading the recent funding round was Malaysia's sovereign wealth fund, Khazanah Nasional Berhad, with additional investments from notable entities such as Westbridge Capital and Sozo Ventures, among others. To date, Turing's total capital raised stands at a considerable $225 million.

Turing's transition into a pivotal player in the AI landscape was somewhat serendipitous. Originally perceived as an HR tech entity, Turing's strategy pivoted following a key moment in 2022. Siddharth was unexpectedly approached by OpenAI not to discuss recruitment but to explore opportunities to enhance LLM reasoning through coder-generated datasets. This interaction marked Turing's substantial shift towards AI partnerships, where it now assists foundational AI companies in not just LLM development but also generative AI applications.

In an interview, Siddharth emphasized the unforeseen nature of Turing's evolution, particularly in how its infrastructure now underpins significant AI initiatives. He notes, "We could not have predicted the ChatGPT moment," underscoring the pivotal role software engineering tokens play in training LLMs to think and reason effectively. Despite these advancements, Siddharth clarified that Turing has not abandoned its original recruitment model, which continues to contribute significantly to its revenue streams.

Looking forward, Turing aims to intensify its focus on AI projects under the monikers 'Turing AGI Advancement' and 'Turing Intelligence.' These initiatives reflect Turing's commitment to scaling up research and development, and sales and marketing across its diverse business lines. With its recent financial boost, Turing is poised to further solidify its position as a key partner in the burgeoning AI sector, while staying true to its roots in remote recruitment.

Sources: TechCrunch, Semafor

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