Intelligent Talent Cloud Company, Turing, Crosses
$1 Billion Valuation
PALO ALTO, Calif.,
Dec. 20, 2021 /PRNewswire/ -- Turing, the world's leading
Intelligent Talent Cloud, announced today it has attained unicorn
status after raising $87 million at a
valuation of about $1.1 billion. The
Series D financing was led by WestBridge Capital with participation
from Foundation Capital, along with new investor StepStone
Group.
WestBridge Capital is a $7 billion
fund with deep expertise across SaaS and IT services and has
invested in global IT services companies such as Cognizant
Technology Solutions and Global Logic. Foundation Capital, with
$4B under management, has invested in
companies including Netflix, Uber, and Solana. StepStone Group is a
$22 billion late-stage growth equity
fund with investments in leading talent clouds such as WorkRise
(RigUp) and Trusted Health.
Other investors in the round include AltaIR Capital, HR Tech
Investments LLC (an affiliate of Indeed), Brainstorm Ventures,
Frontier Ventures, Modern Venture Partners, and Plug and Play Scale
Fund. The unicorn round brings Turing's total raised capital to
over $140 million. This round was
heavily oversubscribed; Turing has since opened a SAFE at a
$4 billion valuation cap which is now
also oversubscribed.
Turing has grown its developer pool over 9x within the last 12
months after raising its Series B in December 2020, adding marquee customers Johnson
& Johnson, Coinbase, Rivian, Dell, Disney, Plume, and
VillageMD. With more than one million developers from 140
countries, Turing's exponential growth has helped award the company
the number one spot in the highly competitive B2B category for The
Information's 2021 50 Most Promising Startups list.
"Our mission is to unleash the world's untapped human
potential," said Jonathan Siddharth,
Founder & CEO of Turing. "We now live in a remote-first world,
and every company is in a race to reap the benefits of global
engineering talent. The future is remote distributed global
teams."
The reasons are obvious. Companies can access a planetary pool
of engineers and access hundreds of thousands of untapped Silicon
Valley caliber developers. The inspiration for Turing came to
repeat entrepreneurs Jonathan
Siddharth & Vijay
Krishnan from their experience scaling their first startup
Rover, which was also built remote-first and successfully acquired
in 2017.
"Turing's growth has been nothing short of phenomenal," said
Sumir Chadha, Managing Director of
WestBridge Capital. "Over the past two decades, we have invested in
and witnessed the creation of massive companies in offshore
development across the globe. Turing is pioneering the new era of
such companies with machine learning and automation at the
core."
However, remote is hard. Legacy solutions are simply not built
for a remote-first world. A traditional hiring process takes
months, and engineering leaders spend up to 40 percent of their
time hiring. The typical options are IT services companies,
staffing agencies, or recruiting marketplaces that manually source
from local pools with no specialized vetting for engineers. This
leads to long timelines for filling roles and renders companies
incapable of attracting the best talent.
Turing's Intelligent Talent Cloud solves this
multi-trillion-dollar tech talent problem by combining planetary
reach and AI to deliver ideal engineers billed by the month. Its
software sources vetted talent planet-wide, optimizes matching via
AI, abstracts away the complexity of compliance and onboarding, and
makes it easy for managers and developers to collaborate.
This eliminates the need for a customer's engineering team to do
interviews, saving 50+ hours of engineering interviewing time per
hire with a 97 percent matching success rate. In effect, Turing
helps companies spin up their engineering dream team in the cloud
as easily as spinning up servers on Amazon AWS.
"Turing's ambitious vision of enabling fantastic opportunities
for developers across the globe is inspiring," said John Avirett, partner at StepStone Group. "The
Intelligent Talent Cloud truly is a remarkable way to democratize
access and make lasting connections beyond inking the contract;
they're cultivating the process into long term career planning for
the individual and the companies who use them."
Currently, the company supports 15 different job types and more
than 100 different technologies. Their advanced vetting engine
builds a deep, dynamic profile for every developer. Deep matching
intelligence finds the best engineer for every role — and shows you
why. After the match, Turing makes remote development easy,
compliant and secure. The remote-first company takes care of global
HR, payroll, developer support, and enforcement of each customer's
security protocols.
"Turing is productizing every leg of a massive industry and has
forever changed its face and perception going forward," said
Ashu Garg of Foundation Capital, who
led the seed round in Turing in 2020 and has participated in every
round since.
"The way we work has fundamentally changed. With the world's
shift to remote work and the talent cloud, we are entering a golden
era for the tech industry. You can now work in Silicon Valley
without needing to live in Silicon Valley. Talent is universal.
Now, opportunity is too," said Siddharth.
About Turing
Turing is the Intelligent Talent Cloud, an automated AI
platform that lets companies "push a button" to vet, hire, and
manage remote software developers worldwide. With more than 1
million developers on the platform from over 140 countries, Turing
lets you spin up your engineering dream team in the cloud.
Turing's investors include WestBridge Capital, Foundation
Capital, StepStone Group, Modern Venture Partners, HR Tech
Investments LLC, Frontier Ventures, AltaIR Capital, PNP Scale Fund,
Mindset Ventures, Founders Fund, Chapter One Ventures, Plug and
Play Tech Ventures, UpHonest Capital, Ideas & Capital, 500
Startups Vietnam, Canvas Ventures, B Capital, Peak State Ventures,
CapitalX, Stanford StartX Fund, Amino Capital, Spike Ventures,
Visary Capital, Brainstorm Ventures, Joint Journey, Gaingels,
Adam D'Angelo, Gokul Rajaram, Cyan Banister, Beerud Sheth,
Dmitry Chernyak, Lorenzo Thione, Manish
Narula, Aditya Jami, Artem Bosov, Sanya Ohri, Maxim
Shipilov, Mikhail Fisher,
Steven Hellman, William Hughes, Josh
Browder, Nirav Shah,
Andy Raskin, Bakht Niyazov, Anes Kaldybayev, Christopher Nguyen & Ruby Chen, Dave
Franke, Eduard Galyamov, Elena
Petrova, Evgenii Prensniakov, Shariq
Rizvi, Kirtika Ruchandani,
Maksim Matcin, Manik Gupta,
Marina Polskaya, Mykhailo Raitsyn,
Nikolai Guzakov, Nikolay Kaginyan, Oleg Bogumirskiy, Solovev
Sergeevich, Stephen Osborn &
Meredith Osborn, Tim Thompson, Valentine Zavgorodnev,
Timofei Andrianov, Anna Mikhaylova, Yanovskiy Oleg, Alevtina
Beloglazov, Siqi Chen, Yi Ding, Sunil
Rajaraman, Parakram Khandpur,
Kintan Brahmbhatt, Cameron Drummond,
Kevin Moore, Sundeep Ahuja, Auren
Hoffman, Greg Back,
Sean Foote, Kelly Graziadei, Bobby
Balachandran, Ajith Samuel,
Aakash Dhuna, Adam Canady, Steffen
Nauman, Gordon Chang &
Victoria Sandin, Sybille Nauman, Eric
Cohen, Vlad V, Marat Kichikov, Piyush Prahladka,
Manas Joglekar, Vladimir Khristenko, Tim
and Melinda Thompson, Alexandr Katalov, Joseph and Lea Anne Ng, Jed Ng, Eric
Bunting, Rafael Carmona,
Jorge Carmona, Viacheslav Turpanov,
James Borow, Ray Carroll, Suzanne
Fletcher, Denis Beloglazov, Tigran
Nazaretian, Andrew Kamotskiy, Ilya
Poz, Natalia Shkirtil, Ludmila Khrapchenko, Ustavshchikov
Sergey, Maxim Matcin and Peggy
Ferrell.
Contact Details
Media: turing@bulleitgroup.com
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