In a landmark moment in Turing’s history, the company is delighted to announce that it has raised $32 million in a Series B Round. The current investment was led by $3.3 Billion Investment Fund WestBridge Capital, with earlier round lead investor Foundation Capital, Altair Capital, Mindset Ventures, Frontier Ventures, and Gaingels participating. This milestone comes close on the heels of the company’s $14 million seed funding in August. The latest round takes the total investments made into Turing to nearly $50 million from top funds and high-profile investors.
WestBridge, for instance, has a wealth of experience in investing in global IT companies like Cognizant and GlobalLogic. Turing’s unique data science and AI-driven approach to talent acquisition motivated WestBridge to invest. Says Westbridge Capital’s Managing Director Sumir Chadha, “Instead of setting up buildings and having developers work inside offices, Turing creates a new category with talent in the cloud. Top-tier talent sourced by software, vetted by software, matched by software, and managed by software, massively increasing the scalability and efficiency of the business”.
For Ashu Garg, Managing Partner at Foundation Capital, Turing’s economic potential stood out right from the get-go — and continues to do so. Said Mr. Garg, “Today, I’m bullish on the economic potential of companies like Turing that will be foundational to the future of remote work. Such is our belief in Turing that we led the company’s seed round, and we are a major participant in their current raise”.
Driven by the massive global shift to remote work, Turing taps into a worldwide pool of developers to help companies remotely hire top developers in Silicon Valley, New York, and other tech hubs, where hiring and retaining top engineers is highly competitive and typically expensive.
Since going live 14 months ago, Turing’s revenues increased 17x, from $700K to $12 million in November 2020. Over this period, the company’s client-base has expanded considerably. Current customers include VillageMD, Lambda School, Plume, Ohi Tech, Carta Healthcare, and Proxy.
Turing’s remote developer cohort has continued to expand. Over 180,000 developers from across 10,000 cities have signed up to the Turing jobs platform (compared to 150,000 in August). About 50,000 of these Turing developers have gone through the company’s AI-powered automated vetting on the platform. By 2022, the company believes it will create over 1000 remote developer jobs.
The massive shift to remote work has helped accelerate Turing’s growth. The past five months have achieved two years’ worth of transformation across many industries, particularly those that rely on software development. This year’s pandemic has led companies to embrace remote-friendly policies and open up to hiring global talent. As Turing investor Daniel Ibri, Managing Partner at Mindset Ventures, puts it, “Remote work is an unstoppable trend worldwide that just got accelerated by the Covid-19 pandemic. Turing is leading the market, and we are bullish on its ability to grow and thrive.”
How Turing plans to leverage this momentum
Turing’s co-founders Jonathan Siddharth and Vijay Krishnan, have major plans for the firm’s future. They intend to use this additional capital to scale Turing’s platform, enhance its AI-driven automated matching software and workforce management tools, and grow its product, sales, marketing, and communication teams.
Of course, this wouldn’t be possible without Turing’s investors. The company extends its heartfelt gratitude to its backers for putting their faith in the company’s vision and team. In addition to the aforementioned, Turing’s investors include Adam D’Angelo (Facebook’s first CTO and CEO at Quora), Gokul Rajaram, Cyan Banister, and Scott Banister, Beerud Sheth (the founder of Upwork), Founders Fund, Chapter One Ventures (Jeff Morris Jr), Plug and Play Tech Ventures (Saeed Amidi), UpHonest Capital (Wei Guo, Ellen Ma), Ideas & Capital (Xavier Ponce de León), 500 Startups Vietnam (Binh Tran and Eddie Thai), Canvas Ventures (Gary Little), B Capital (Karen Appleton Page, Kabir Narang), Peak State Ventures (Bryan Ciambella, Seva Zakharov), Stanford StartX Fund, Amino Capital, Spike Ventures, Visary Capital (Faizan Khan), Brainstorm Ventures (Ariel Jaduszliwer), Dmitry Chernyak, Lorenzo Thione, Shariq Rizvi, 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, 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.
