Breaking news

AI Data Startup Turing Triples Revenue To $300 Million

Turing, the AI data startup based in Palo Alto, has announced that its revenue surged by 300% to reach $300 million in the past year, marking a significant milestone in the company’s growth. The firm, which helps AI labs like OpenAI, Google, Anthropic, and Meta improve their models, has also achieved profitability. Turing was last valued at $1.1 billion in 2021.

As AI models advance in complexity, the demand for human trainers with specialized expertise has skyrocketed. This surge has propelled the valuation of startups such as Turing’s competitor, Scale AI, which was valued at $14 billion last year.

Turing’s business model focuses on matching AI labs with human experts in specific fields, streamlining the process of gathering and labeling data to train models. With access to a pool of over 4 million experts, including software developers and PhD scientists, Turing provides critical services to reduce the burden on AI labs to manage hundreds of trainers.

However, the cost of this service can be significant, with each complex data annotation potentially costing hundreds of dollars. Given that advanced AI models require millions of annotations, the price tag for training can quickly escalate. For example, Meta used over 10 million human annotations to train its Llama 3 models.

As AI labs reach what is known as the “data wall”—a plateau in model performance due to the lack of more internet-based training data—companies like Turing are playing an increasingly important role in helping overcome this obstacle. Turing’s CEO, Jonathan Siddharth, emphasized that these human data companies are essential for maintaining the growth trajectory of AI models.

“Companies like Turing are helping scale AI models to compensate for the data deficit we face,” Siddharth told Reuters.

Donatella Versace Steps Down After 30 Years At The Helm of Fashion Empire

After nearly three decades steering the iconic Versace brand, Donatella Versace is stepping down from her role as head of the fashion house. The 69-year-old Italian designer, who inherited the reins from her late brother, Gianni, following his tragic murder in 1997, will remain with the company as its Chief Brand Ambassador. She is set to pass the creative torch to Dario Vitale, the former design and image director of Miu Miu, who will take on the position of Chief Creative Officer.

In her Instagram announcement, Donatella shared her thoughts: “Championing the next generation of designers has always been important to me,” she wrote, expressing her excitement for Vitale’s appointment. “I am thrilled that Dario Vitale will be joining us, and I am eager to see Versace through new eyes.”

While her new role shifts focus, Donatella’s deep connection to Versace remains unchanged. “Versace is in my DNA and always in my heart,” she declared. Donatella’s stewardship has firmly cemented the brand as a staple in the luxury fashion industry, with designs worn by global superstars like Dua Lipa, Angelina Jolie, and Sabrina Carpenter.

In a heartfelt reflection, Donatella expressed her gratitude: “It has been the greatest honour of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity.” Despite her transition, she reaffirmed her commitment to the brand’s future, adding: “I will remain Versace’s most passionate supporter.”

The announcement was met with a wave of tributes from the fashion world. Celebrities like actor Damian Hurley, singer Sabrina Carpenter, and model Iris Law shared their admiration for the designer’s contribution to the industry. “We love you forever,” Hurley commented, while Carpenter called her “one and only,” and Law posted, “Love you so much.”

This shake-up in leadership comes as speculation mounts that Prada Group may be eyeing a potential acquisition of Versace from its current owner, Capri Holdings, which purchased the luxury brand for €2 billion in 2018. As Donatella steps into her new role, the future of Versace remains closely watched by both fans and industry insiders.

Uri Levine Course

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter