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

Turing, a startup that collaborates with engineers to contribute code to AI projects, has secured a Series E funding round of $111 million, doubling its valuation to $2.2 billion. The company, which generates $167 million in annualized revenue run rate and is already profitable, plans to use the funding to expand its customer base and explore new use cases. Turing, originally an HR tech startup focused on vetting and hiring remote coders, shifted its focus after a pivotal meeting with OpenAI in 2022. OpenAI sought Turing's assistance in generating code to enhance the reasoning capabilities of its models, leading Turing to become a significant partner for foundational AI companies and those building apps on top of large language models.

The funding round was led by Khazanah Nasional Berhad, Malaysia’s sovereign wealth fund, with participation from several other investors. Turing, based in Palo Alto, has raised a total of $225 million to date and works with approximately 4 million coders worldwide. Despite its new focus on AI projects, Turing continues to generate substantial revenue from its original business of sourcing coding talent. The company's CEO, Jonathan Siddharth, emphasizes that this shift is not a pivot but an expansion of its business model.

Key takeaways

Turing has raised a Series E funding round of $111 million, doubling its valuation to $2.2 billion.
The company generates $167 million in ARR and is already profitable.
Turing initially started as an HR tech startup focused on vetting and hiring remote coders.
The company has shifted focus to providing code for AI projects, including LLMs for OpenAI, while still maintaining its original business.

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

Key takeaways

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