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

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Turing, a prominent coding provider for AI companies like OpenAI, has raised $111 million in a Series E funding round, boosting its valuation to $2.2 billion. The company, which collaborates with millions of engineers to contribute code for large language models (LLMs) and generative AI applications, is experiencing rapid growth with an annual revenue run rate of approximately $300 million. Turing plans to utilize this funding to expand its customer base and diversify its offerings further.

Originally an HR tech startup focused on hiring remote coders, Turing pivoted to become a key player in the AI sector after recognizing the demand for coding talent during the COVID-19 pandemic. The company has maintained profitability for about a year and aims to scale its research and development efforts significantly. Turing's future focus will be on enhancing its contributions to AI development, particularly in building future LLMs and related applications.

Key AI Highlights in this Article

• Turing raises $111 million, doubling its valuation to $2.2 billion.

• The company plans to expand its AI coding services and customer base.

Key AI Terms Mentioned in this Article

Large Language Models (LLMs)

LLMs are AI models designed to understand and generate human-like text, crucial for applications like chatbots.

Generative AI

Generative AI refers to algorithms that can create new content, such as text or images, based on training data.

Annualized Revenue Run Rate (ARR)

ARR is a metric used to predict future revenue based on current subscription or recurring revenue streams.

Companies Mentioned in this Article

Turing

Turing provides coding talent and services to AI companies, significantly contributing to LLM development.

OpenAI

OpenAI is a leading AI research organization that collaborates with Turing to enhance its language models.

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