Hello, tech enthusiasts! Today, we’re diving into an exciting development in the tech world.

Turing, a prominent player in the coding scene, has recently announced a whopping $111 million in new funding. This brings their total valuation to an impressive $2.2 billion!

As the competition heats up in the realm of Large Language Models (LLMs) and AI applications, Turing has emerged as a key player, providing vital coding support to various AI projects.

What’s the secret to their success? CEO Jonathan Siddharth shared that the company has been profitable for about a year, boasting an annual revenue run rate of around $167 million. The funding will help Turing expand its services and reach more customers.

Interestingly, Turing started as an HR tech startup, focusing on hiring remote coders. This pivot was influenced significantly by the Covid-19 pandemic, which increased the demand for remote work solutions.

Quickly gaining the attention of investors, Turing has transformed its model and now collaborates with major names like OpenAI to enhance LLM capabilities.

With the latest funding round led by Malaysia’s Khazanah Nasional, Turing plans to scale its research and development along with sales and marketing efforts, embracing multiple business lines.

As they move forward, their primary focus is on advancing AI and continuing to be a pivotal force in the development of innovative applications.