California-based artificial general intelligence (AGI) infrastructure company Turing has raised $111m (RM9.7bn) in Series E funding to fast track “next generation” of AI model advancement and application development.
Led by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad, the investment values the company at $2.2bn.
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The oversubscribed round saw participation from a consortium of investors including AltaIR Capital, Amino Capital, Fortius Ventures, Gaingels, Mastodon Capital Management, MVP Ventures, Plug and Play, Sozo Ventures, UpHonest Capital and WestBridge Capital.
The funding round increases the company’s total funding to $225m since its founding in 2018.
The valuation was determined when the company reached an annualised revenue run rate (ARR) of $167m, the company said.
Turing said that it plans to use the proceeds to support research and development, as well as sales and marketing initiatives for its two primary business segments – Turing AGI Advancement and Turing Intelligence.
Turing AGI Advancement focuses on enhancing the AI capabilities in areas such as reasoning, coding, multimodality, and STEM.
Turing said its AI-powered vetting and matching engine, alongside its fine-tuning platform ALAN, plays a key role in improving model evaluation, support learning, and agent development.
Turing founder and CEO Jonathan Siddharth said: “At Turing, our goal is to accelerate AGI advancement and deployment to build powerful AI systems with real world impact.
“With a mission to unleash the world’s untapped human potential, we’ve built a suite of products on top of the world’s largest talent cloud to improve AI models and build applications on top of them.
“Using AI for vetting talent has helped us grow the platform quickly to more than four million of the world’s most talented software engineers, data scientists, and STEM experts. Our Series E round underscores the confidence our investors have in our ambitious goal and the key role we play in fuelling AI progress.”
