Town’s $108 million Series B announcement on Monday put the workplace AI startup at a unicorn valuation. The round’s co-leaders were Forerunner Ventures and Menlo Ventures; Andreessen Horowitz, Serena Ventures, and First Round Capital also invested.
Founded by former Plaid CTO Jean-Denis Greze, Town has been developing AI assistants in San Francisco for two years. It joins a crowded AI assistant market with a product aimed at businesses: each employee gets a Townie, an assistant that connects to email, calendars, and other core work systems to help with tasks.
Townies can exchange approved information and communicate with other employees’ assistants. They can now also work with customers and other people outside the company.
With the funding announcement, Town introduced a shared workflow for keeping those assistants up to date. It automatically passes new business information to employees’ Townies, so each worker doesn’t have to update their assistant separately.
Only four months separate Town’s public launch and the latest funding announcement. The company says its annual recurring revenue reached millions of dollars within weeks of launch. Its total funding now stands at at least $160 million, including a $55 million Series A announced in June.
