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Turing, a key coding provider for OpenAI and other LLM producers, raises $111Mat a $2.2B valuation
Turing, an AI coding provider for companies like OpenAI, raised $111M in Series E funding, boosting its valuation to $2.2B. The firm, which connects engineers to AI projects and has an ARR of $167 million, will use the funds to expand its services. Originally an HR tech startup, Turing pivoted to support LLM development and generative AI apps during the AI boom driven by the rise of language models like ChatGPT.
Key points
- Turing raised $111 million in a Series E round, doubling its valuation to $2.2 billion.
- The company has an annual revenue run rate of approximately $167 million and has been profitable for about a year.
- Founded as an HR tech startup, Turing shifted focus during the pandemic to connect remote engineers for AI projects.
- Turing now partners with foundational AI firms to enhance Large Language Models (LLMs) for companies like OpenAI.
- The funding will amplify R&D, sales, and marketing efforts across Turing's multiple business lines, which remain strong.
Why it matters
- The investment highlights the growing importance of AI coding platforms amid the rapid deployment of LLMs in various industries.
- Turing’s transformation reflects broader trends towards remote work and digital transformation accelerated by the COVID-19 pandemic.
- The surge in generative AI applications parallels the rise of platforms like ChatGPT, driving demand for coding solutions and services.
Turing's significant funding round not only marks a pivotal growth moment for the company but also underscores the expanding role of specialized coding providers in the AI landscape, particularly as the demand for enhanced LLM capabilities continues to surge.