Turing, a Palo Alto-based startup that has emerged as a key partner for AI companies, has secured a significant $111 million Series E funding round, doubling its valuation to $2.2 billion. The investment, led by Khazanah Nasional Berhad, Malaysia's sovereign wealth fund, will be used to expand Turing's business to more customers and use cases.

The startup, which works with armies of engineers to contribute code to AI projects, has already achieved profitability, with an annualized revenue run rate (ARR) of $167 million. Turing's CEO, Jonathan Siddharth, confirmed the profitability in an interview with TechCrunch, highlighting the company's rapid growth.

Turing's unique value proposition lies in its ability to provide high-quality code contributions to AI projects, including Large Language Models (LLMs) for companies like OpenAI and Generative AI apps for enterprises. The startup's platform has been instrumental in improving the accuracy of these models, with OpenAI researchers discovering that code added into training datasets enhances the model's reasoning capabilities.

The company's journey to becoming a major AI partner was not a straightforward one. Initially, Turing started as an HR tech startup, focusing on vetting and hiring remote-work coders. The COVID-19 pandemic accelerated the demand for its services, catapulting the company to "unicorn" status. However, it was a meeting with OpenAI researchers in 2022 that marked a turning point for Turing, as it shifted its focus to providing code contributions for AI projects.

Today, Turing works with over 4 million coders worldwide and has raised a total of $225 million in funding to date. The startup's success has attracted a diverse range of investors, including Westbridge Capital, Sozo Ventures, Uphonest Capital, AltaIR Capital, Amino Capital, Plug and Play, MVP Ventures, Fortius Ventures, Gaingels, and Mastodon Capital Management.

The latest funding round is a testament to Turing's growing importance in the AI ecosystem. As AI companies continue to push the boundaries of Large Language Models and Generative AI apps, Turing's code contributions will play a critical role in driving innovation and accuracy. With its expanded valuation and funding, Turing is well-positioned to meet the increasing demand for its services and further establish itself as a leader in the AI industry.

The implications of Turing's growth extend beyond the company itself, as it highlights the accelerating pace of AI adoption across industries. As AI technology continues to advance, startups like Turing will play a vital role in shaping the future of innovation and entrepreneurship. With its latest funding round, Turing is poised to drive progress in the AI sector, further solidifying its position as a key partner for companies building on top of Large Language Models and Generative AI apps.