Turing Labs Raises $16.5 Million To Expand Ai-Powered Platform For Product Formulation
01/19/22, 8:00 AM
Money raised
$16.5 million
Turing Labs, a Software-as-a-Service (SaaS) platform that uses artificial intelligence tools to assist with Consumer Packaged Goods (CPG) formulations, today announced a $16.5 million Series A raise to continue its mission to become the default AI platform for developing breakthrough CPG in record time. The round was led by New York-based global venture capital and private equity firm Insight Partners, with participation from existing investors Moment Ventures and Y Combinator and new investor Borge Hald (CEO and Co-founder of Customer and employee experience public company Medallia). The investment will be used to accelerate R&D, grow the engineering team, widen operations, and a further build a go-to-market organization.
Company Info
Additional Info
Turing Labs (turingsaas.com) was founded in April of 2019, by co-founders Manmit Shrimali and Ajith Govind, and it launched its cutting edge AI platform at the end of 2019. Since then, the company has been changing the way the biggest names in CPG are innovating and developing to meet the needs of today's rapidly changing consumer landscapes. The company's specially created AI is helping companies create formulated products faster, safer, and with markedly higher consumer satisfaction. The company is already working with the large number of top 15 global CPGs, Its platform has been used to formulate a wide range of CPG, including plant-based food products, beverages, personal care items like shampoos and cosmetics, and home care products like laundry detergents and other cleaning products.