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- Turing
Turing Revenue, Valuation, Funding & Investors
Turing is valued at $2.2B as of March 2025, a 7.3x multiple on its last reported $300M revenue.
Last Turing valuation
$2.2B
Series E · Mar 2025
Last Turing funding round
$111M
Series E · Mar 2025
Turing revenue
$300M
Series E · Mar 2025
Key investors in Turing
Foundation Capital
Westbridge Capital
Plug and Play
AltaIR Capital
MVP Ventures
Brainstorm Ventures
About Turing
Palo Alto-headquartered Turing is a leading AI company that partners with top laboratories to enhance model capabilities in reasoning, coding, multimodality, and STEM domains. It deploys these advancements into enterprise solutions for Fortune 500 clients and government agencies. Recognized by Forbes as one of America's Best Startup Employers, The Information's top B2B company, and Fast Company's Most Innovative Companies list. Leadership draws from Meta, Google, Microsoft, Stanford, and MIT. The platform operates via turing.com.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Subscription
Revenue
$300M (Mar 2025)
Valuation
$2.2B (Mar 2025)
Turing Valuation
Turing is currently valued at $2.2B, based on its Series E in March 2025.
The $111M round was led by Khazanah Nasional, with participation from Sozo Ventures, Amino Capital, Plug and Play, MVP Ventures, AltaIR Capital and 5 other investors.
Turing's valuation has grown 4.3x from $506M at its undisclosed-stage round in December 2020 to $2.2B in March 2025, across 5 priced rounds.
Turing valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2025 | Series E | $2.2B | 7.3x |
| Dec 2021 | Series D | $1.1B | - |
| Dec 2021 | Undisclosed stage | $4B | - |
| Jun 2021 | Undisclosed stage | $755M | - |
| Dec 2020 | Undisclosed stage | $506M | - |
Turing Revenue
Turing's latest recorded revenue is $300M, as of its Series E in March 2025. At a $2.2B valuation, that implies a 7.3x revenue multiple.
Turing revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2025 | $300M | $2.2B | 7.3x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Turing Funding History
Turing has raised a total of $270M across 10 funding rounds.
Turing's first fundraising round was a $3M seed round in October 2018. The most recent completed round was a $111M Series E in March 2025.
Turing funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2025 | Series E | Khazanah Nasional (lead); Sozo Ventures; Amino Capital; Plug and Play; MVP Ventures; AltaIR Capital; Mastodon Capital Management; Westbridge Capital; Gaingels; UpHonest Capital; Fortius Ventures | $111M | $2.2B | Turing Enterprises Inc. is a Palo Alto-based AI company providing training data for artificial intelligence models, including code contributions for LLMs like those from OpenAI, generative AI apps for enterprises, and a talent cloud connecting engineers globally. It works with around 4 million coders worldwide while maintaining a smaller employee base in the hundreds. The company has evolved from sourcing coding talent to powering AGI progress through data, research, leadership/productivity tools, and GenAI, with all business lines growing rapidly. In March 2025, Turing closed a $111 million Series E funding round led by Malaysia's sovereign wealth fund Khazanah Nasional Berhad, with participation from WestBridge Capital, Sozo Ventures, UpHonest Capital, AltaIR Capital, Amino Capital, Plug and Play, MVP Ventures, Fortius Ventures, Gaingels, and Mastodon Capital Management. This brought total funding to $225 million (or $270 million per some trackers) since 2018. The post-money valuation was set at $2.2 billion, doubling from prior levels. At announcement, Turing reported approximately $300 million in ARR, up from $167 million when the round was priced, reflecting fast growth. It has been profitable for about a year. Proceeds will fuel R&D, sales and marketing across business lines, expansion of development tasks, customer acquisition, and reinvestment in talent placement for AI companies and enterprises. The round follows Scale AI's $1 billion raise at $18.8 billion valuation, highlighting competition in AI training data annotation and expert networks. Turing's valuation is based on Q3 2024 revenue per its blog, positioning it strongly in the AI ecosystem amid rapid sector expansion. |
| Dec 2021 | Series D | Westbridge Capital (lead); Plug and Play; Greenspring Associates; StepStone Group; MVP Ventures; HR Tech Investments LLC; AltaIR Capital; Frontier Ventures; Brainstorm Ventures; Foundation Capital | $87M | $1.1B | Turing Enterprises Inc., a Palo Alto, California-based talent platform, announced on December 20, 2021 that it had raised $87 million in Series D funding at a post-money valuation of approximately $1.1 billion, achieving unicorn status. The round was led by WestBridge Capital with participation from Foundation Capital, StepStone Group, AltaIR Capital, HR Tech Investments LLC (an affiliate of Indeed), Brainstorm Ventures, Frontier Ventures, Modern Venture Partners, and Plug and Play Scale Fund. This financing round brought Turing's total raised capital to over $140 million. The round was heavily oversubscribed, prompting the company to open a SAFE note at a $4 billion valuation cap, which was also oversubscribed. Turing operates the Intelligent Talent Cloud, an AI-powered platform that helps companies source, evaluate, hire, onboard, and manage remote software engineers while handling HR and compliance matters. At the time of the Series D announcement, the platform hosted more than 1 million developers, representing a 900% increase from the prior year. The company covers approximately 100 technologies and 15 job titles ranging from entry-level to executive roles such as engineering directors and CTOs, with strong demand for full-stack engineers, front-end/back-end specialists, and site reliability engineers. Turing's customer base included major enterprises such as Johnson & Johnson, Dell Technologies, Rivian Automobile, Coinbase, Disney, Plume, and VillageMD. The company had grown its developer pool over 17 times within 12 months and continued expanding its talent acquisition globally. WestBridge Capital, the lead investor, is a $7 billion fund with expertise in SaaS and IT services, having previously invested in companies like Cognizant Technology Solutions and Global Logic. Foundation Capital brought $4 billion in assets under management with prior investments in Netflix, Uber, and Solana, while StepStone Group, a $22 billion late-stage growth equity fund, had investments in other talent cloud platforms such as WorkRise. |
| Dec 2021 | Undisclosed stage | AltaIR Capital (lead); Flucas Ventures; Brainstorm Ventures | $7M | $4B | Turing, a Palo Alto-based AI data startup, provides human trainers and experts such as software developers and scientists to label data for AI models used by clients including OpenAI, Google, Anthropic, and Meta. The company was valued at $1.1 billion in its 2021 funding round led by AltaIR Capital with participation from Brainstorm Ventures and Flucas Ventures, raising approximately $6.9 million to $135 million. Turing leverages a network of over 4 million human experts for complex annotations required by advanced AI models. The company continued scaling its AI infrastructure business post-2021. |
| Jul 2021 | Pre-seed | JOINT JOURNEY | $100K | - | - |
| Jun 2021 | Undisclosed stage | Sahin Boydas | $5M | $755M | - |
| Dec 2020 | Series B | Westbridge Capital (lead) | $32M | - | Turing announced a $32 million Series B financing in December 2020, led by WestBridge Capital and Foundation Capital. The investment backed a platform using artificial intelligence to help businesses source, assess and manage software engineers working remotely. The company described a distributed model intended to give employers access to developers outside their immediate location and to help qualified engineers find opportunities with international businesses. The financing followed an earlier $14 million funding announcement during 2020, as demand for remote work increased. Turing named a broad network of existing investors, including Ideas & Capital, although that historical investor list does not establish that every named party subscribed in this particular round. The company planned continued investment in its technology and commercial development as it expanded its customer and developer networks. The transaction is recorded as the December Series B financing, rather than a separate September event. |
| Dec 2020 | Undisclosed stage | Eric Cohen; Christopher Nguyen; Recruit Holdings; Indeed; Westbridge Capital; Foundation Capital | $6M | $506M | - |
| Aug 2020 | Seed | Foundation Capital (lead) | $14M | - | Turing is an AI-powered talent platform that helps companies source, vet, and hire remote software developers globally. The company announced a $14 million seed funding round on August 25, 2020, led by Foundation Capital, with several other early-stage investors also participating in the round. By November 2020, just months after this seed funding, Turing reported that its revenues had increased 17x to $12 million annually. The company's platform had grown to include 180,000 registered developers across 10,000 cities, with approximately 50,000 developers having completed automated vetting on the Turing platform. The rapid revenue growth and platform expansion following the seed round demonstrated significant early traction and market demand for Turing's remote developer hiring solutions. |
| Mar 2020 | Series A | Foundation Capital (lead); Visary Capital; Suzanne Rombeau Fletcher; Lightspeed Venture Partners; Asymmetry Ventures | $5M | - | Turing raised $5 million in a convertible note round in March 2020, led by Foundation Capital, with participation from Asymmetry Ventures, Lightspeed Venture Partners, Suzanne Rombeau Fletcher, and Visary Capital. The funding supported early-stage product development for its AI-based platform to source and manage remote engineers. This round preceded a $14 million seed in August 2020 and a $32 million Series B in December 2020, reflecting rapid momentum without disclosing valuations. |
| Oct 2018 | Seed | 500 Global (lead); Plug and Play; Duro Ventures | $3M | - | - |
Who has invested in Turing?
30 investors have backed Turing across its funding rounds, including Foundation Capital, Westbridge Capital, Plug and Play, AltaIR Capital, MVP Ventures and Brainstorm Ventures.
Lead investors include Khazanah Nasional, Westbridge Capital, AltaIR Capital, Foundation Capital and 500 Global.
Turing Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Dec 2020 | ||
| 4 | Lead | Mar 2020 | ||
| 3 | Participant | Oct 2018 | ||
| 3 | Lead | Dec 2021 | ||
| 2 | Participant | Dec 2021 | ||
| 2 | Participant | Dec 2021 | ||
| 1 | Participant | Mar 2025 | ||
| 1 | Participant | Mar 2020 | ||
| 1 | Participant | Mar 2025 | ||
| 1 | Participant | Dec 2021 | ||
| 1 | Participant | Dec 2020 | ||
| 1 | Participant | Dec 2021 | ||
| 1 | Participant | Jun 2021 | ||
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Start Free TrialTuring Competitors
Turing competitors include listed companies like Haizhi and C3.ai, and private ones like Liquid AI, Xiaoice, Lin Junyang AI Lab and Instinct.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $93M | ($30M) | $2.1B | 16.3x | ||
| Private | - | - | $2.4B | - | ||
| Private | $15M | - | $2B | - | ||
| Private | - | - | $2B | - | ||
| Private | - | - | $2.5B | - | ||
| Publicly listed | $250M | ($484M) | $1.7B | 4.5x |
Turing Public Comps
Turing is still privately-owned, but its public comps include Ncino, Affle 3i, Haizhi, Intsig Information, C3.ai, SoundHound, Wenge AI, TRS Information Technology, Shenzhen Ysstech Info and PCITECH.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $595M | $65M | 4.3x | 4.0x | 39.0x | 15.8x | |||
| $282M | $67M | 7.4x | 6.7x | 31.3x | 29.5x | |||
| $93M | ($30M) | 21.5x | 16.3x | (67.1x) | (440.4x) | |||
| $270M | $83M | 7.8x | 6.6x | 25.2x | 23.6x | |||
| $250M | ($484M) | 4.3x | 4.5x | (2.2x) | (6.2x) | |||
| $169M | $19M | 14.6x | 11.3x | 132.5x | (35.5x) | |||
| $60M | ($20M) | 27.6x | - | (82.7x) | - | |||
| $76M | ($20M) | 19.3x | 19.7x | (73.5x) | 478.8x | |||
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Common questions about Turing
| When was Turing founded? | Turing was founded in 2018. |
| Where is Turing headquartered? | Turing is headquartered in San Francisco, CA, United States. |
| Is Turing publicly listed? | No, Turing is a private, VC-backed company. |
| What is Turing's valuation? | Turing was last valued at $2.2B in its Series E in March 2025. |
| How much funding has Turing raised? | Turing has raised $270M across 10 funding rounds. |
| What was Turing's last funding round? | Turing's last funding round was a $111M Series E in March 2025, led by Khazanah Nasional. |
| Who are Turing's investors? | Turing's investors include Westbridge Capital, Foundation Capital, Plug and Play, AltaIR Capital, MVP Ventures, Brainstorm Ventures, Sozo Ventures, Visary Capital, Amino Capital, Greenspring Associates and 20 others. |
| What is Turing's revenue? | Turing's latest recorded revenue is $300M (March 2025). |
| What is Turing's revenue multiple? | Turing's latest valuation implies a 7.3x revenue multiple ($2.2B valuation on $300M of revenue). |
| Which companies are comparable to Turing? | Companies comparable to Turing include Haizhi, Liquid AI, Xiaoice, Lin Junyang AI Lab, Instinct and C3.ai. |
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