Turing Achieves Unicorn Status After Series D, Bringing Total To Over $ 140 Million
Intelligent Talent Cloud Company, Turing, Croix $ 1 billion Evaluation
PALO ALTO, California, Dec. 20, 2021 / PRNewswire / – Turing, the global leader in Intelligent Talent Cloud, today announced that it has achieved unicorn status after raising $ 87 million at a valuation of approximately $ 1.1 billion. The Series D funding was led by WestBridge Capital with participation from Foundation Capital, as well as new investor StepStone Group.
WestBridge Capital is a $ 7 billion funds with deep expertise in SaaS and IT services and has invested in global IT services companies such as Cognizant Technology Solutions and Global Logic. Foundation capital, with $ 4 billion under management, has invested in companies such as Netflix, Uber and Solana. The StepStone group is a $ 22 billion Late-stage growth equity funds with investments in top talent clouds such as WorkRise (RigUp) and Trusted Health.
Other investors in the round include AltaIR Capital, HR Tech Investments LLC (a subsidiary of Indeed), Brainstorm Ventures, Frontier Ventures, Modern Venture Partners and Plug and Play Scale Fund. The unicorn ride brings Turing’s total capital raised to over 140 million dollars. This round was largely oversubscribed; Turing has since opened a SAFE in a $ 4 billion valuation ceiling which is now also oversubscribed.
Turing has multiplied his developer pool by 9 in the past 12 months after increasing his Series B in december 2020, adding renowned clients Johnson & Johnson, Coinbase, Rivian, Dell, Disney, Plume and VillageÂ®. With over one million developers from 140 countries, Turing’s exponential growth has enabled the company to rank number one in the highly competitive B2B category for Information 2021 List of the 50 most promising startups.
“Our mission is to unleash the untapped human potential of the world,” said Jonathan siddharth, founder and CEO of Turing. âWe now live in a remote world first, and every company is in a race to reap the benefits of global engineering talent. The future is made up of remote global teams. “
The reasons are obvious. Companies can access a global pool of engineers and hundreds of thousands of untapped Silicon Valley developers. Inspiration for Turing came from loyal entrepreneurs Jonathan siddharth & Vijay Krishnan from their experience scaling up their first Rover startup, which was also remotely built and successfully acquired in 2017.
“Turing’s growth has been nothing short of phenomenal,” said Sumir chadha, Managing Director of WestBridge Capital. âOver the past two decades, we have invested in and witnessed the creation of massive offshore development companies across the world. Turing is pioneering the new era of those businesses with machine learning and automation at its core.
However, the remote control is difficult. Legacy solutions just aren’t designed for a remote world first. A traditional hiring process takes months, and engineering managers spend up to 40% of their time hiring. Typical options are IT service companies, recruiting agencies, or recruiting markets that manually source from local pools without any specialist checks for engineers. This leads to long delays in filling positions and makes companies unable to attract top talent.
Turing’s Intelligent Talent Cloud solves this trillion-dollar tech talent problem by combining global reach and AI to deliver ideal engineers billed monthly. Its software sources control talent globally, optimize correspondence through AI, remove complexity from compliance and onboarding, and facilitate collaboration between managers and developers.
This eliminates the need for a client’s engineering team to perform maintenance, saving over 50 engineering interview hours per hire with a corresponding 97% success rate. Indeed, Turing helps companies build their dream engineering team in the cloud as easily as servers on Amazon AWS.
âTuring’s ambitious vision of providing fantastic opportunities for developers around the world is inspiring,â said John avirett, partner of the StepStone group. âThe Intelligent Talent Cloud is truly a remarkable way to democratize access and establish lasting relationships beyond the inking of the contract; they cultivate the process into long term career planning for the individual and the companies that use them. “
Currently, the company supports 15 different types of jobs and over 100 different technologies. Their advanced verification engine creates a deep and dynamic profile for every developer. Deep match intelligence finds the best engineer for each role and shows you why. After the game, Turing makes remote development easy, compliant, and secure. The leading remote company takes care of global human resources, payroll, developer support and enforcing each client’s security protocols.
âTuring is producing every step of a massive industry and has forever changed his face and his perception in the future,â said Ashu garg from Foundation Capital, who led the round in Turing in 2020 and has participated in every round since.
âThe way we work has fundamentally changed. With the global 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 the opportunity is also, âsaid Siddharth.
Turing is the Intelligent Talent Cloud, an automated AI platform that enables organizations to âpush a buttonâ to select, hire and manage remote software developers around the world. With over 1 million developers On the platform of over 140 countries, Turing empowers you to build your dream engineering team in the cloud.
Turing 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, IdÃ©es et 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 ramp, Beerud Sheth, Dmitri Chernyak, Lorenzo Thione, Manish narula, Aditya Jami, Artem Bosov, Sanya Ohri, Maxime Shipilov, Mikhail Fisher, Steven hellman, Guillaume Hugues, Josh browder, Nirav Shah, Andy Raskin, Bakht Niazov, AnÃ¨s Kaldybayev, Christophe Nguyen & Ruby chen, Dave franke, Edouard 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, Valentin Zavgorodnev, Timofei Andrianov, Anna Mikhailova, Yanovskiy Oleg, Alevtina Beloglazov, Siqi Chen, Yi Ding, Sunil Rajaraman, Parakram Khandpur, Kintan Brahmbhatt, Cameron Drummond, Kevin moore, Sundeep Ahuja, Auren Hoffmann, Greg Back, Sean Foote, Kelly graziadei, Bobby balachandran, Ajith Samuel, Aakash Dhuna, Adam Canada, 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 LÃ©a Anne Ng, Jed Ng, Eric bunting, Rafael Carmona, Jorge Carmona, Viacheslav Turpanov, James borow, Ray Carroll, Suzanne Fletcher, Denis Beloglazov, Nazarene Tigran, Andrew Kamotskiy, Ilya Poz, Natalia Shkirtil, Ludmila Khrapchenko, Ustavshchikov Sergey, Maxim Matcin and Peggy Ferrell.
Media: [email protected]
View original content to download multimedia: https://www.prnewswire.com/news-releases/turing-achieves-unicorn-status-following-series-d-bringing-total-raised-to-over-140-million -301448350 .html