Turing Achieves Unicorn Status Following Series D Bringing Total Raised to Over $140 Million

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.

About The Amrani Group's Role

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."

**Source:** “Hello Remote-First World. Turing Is Now a Unicorn?” - Turing

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.

THE AMRANI GROUP’S ROLE

Situation - Jonathan Sidharth hired The Amrani Group at the start of their US GTM journey. This is unfortunately uncommon. Most founders test, experiment and ultimately fail for at least two years before seeking advice.

Challenge - With a newer GTM function for the two sided marketplace, Turning needed an understanding of their growth function from the bottom up to ensure they would raise their next round at a strong valuation.

“Working with Joshua and The Amrani Group helped us save months off of our go-to-market traction.”

— Jonathan Siddharth - CEO + Founder - Turing

Solution - The Amrani Group came in as a fractional VP of Sales and quickly analyzed the US GTM function on both sides of the two sided marketplace. From the analysis, a new profile for implementing a full-time CRO was developed and hired. The new team structure and learnings enabled Turing to establish a foundation for success in the US.

Results - Within 1 year of working with The Amrani Group and gaining traction in the US Market, Turing raised an additional $87M and became a unicorn.