As AI companies compete to improve the accuracy of large language models and applications based on their above, the startup has become a key partner in achieving this effort, announcing substantial capital to expand. Turing, which works with the military of engineers to contribute code to AI projects (these projects) include building LLMS for OpenAI and other projects, and generating AI applications for enterprises – has received $111 million in E-Series E, doubled its valuation to $2.2 billion.
CEO Jonathan Siddharth said in an interview with TechCrunch that Turing’s ARR is about $167 million (annual revenue run rate) and is already profitable. The plan will use funds to double its business to expand to more customers and more use cases. Turing today says it works with about 4 million encoders around the world.
Malaysia’s sovereign wealth fund Khazanah Nasional Berhad is leading the round, with Westbridge Capital, Sozo Ventures, Uphonest Capital, Altair Capital, Amino Capital, Amino Capital, Plun and Plug and Plug and Plun, MVP Ventures, Fortius Ventures, Gaingels, Gaingels, Gaingels and Mastodon Capital Management also involved. To date, Palo Alto-based Turing has raised $225 million.
As a major partner of AI companies, Turing is not the way the company opens. Initially, this was actually an HR Tech startup. In particular, its early products were the platform for reviewing and hiring remote working encoders, which is a business Start taking off During the COVID-19 pandemic, the global appetite for better tools to procure and work with remote teams is growing. The business is strong enough to eject the company”unicorn“ Status.
It’s also powerful enough to start attracting another kind of attention.
Just like this story Semafor Last year, Siddharth was called to Openai for a meeting in 2022, and he believes it will be about hiring engineers to talk about the startup. On the contrary, it turns out to be a proposition. OpenAI researchers found that adding code to the training dataset helped improve the model’s inference capabilities and hoped that Turing’s help would generate that code.
Siddharth has an obligation to provide a brand new business focus for the startup, he said, now offering similar services along with many basic AI companies, as well as companies that build applications on top of these LLMSs.
That’s not a key: Siddharth said Turing still earns a lot of revenue from older business procurement talents, although he won’t disclose much.
