Insight Partners, a global private equity and venture capital firm, led a $16.5m Series A round in Turing Labs, a Software-as-a-Service platform that uses artificial intelligence tools to assist with Consumer Packaged Goods formulations, with participation from Moment Ventures, Y Combinator and Borge Hald. "The biggest challenge facing the CPG industry is that products have to be continuously re-formulated and innovated to match ever changing consumer demand. It is an extremely competitive and fast-changing world for both CPG manufacturers and suppliers. To address health and wellness trends, supply chain constraints, and ongoing pressure to improve margins, CPG companies are wasting huge amounts of time, money, and resources on antiquated manual processes. We are the solution to that problem, and Insight Partners' investment will help us build an even better suite of products for our rapidly growing list of customers," Manmit Shrimali, Turing Labs CEO.