AI assistant company Town has secured a unicorn valuation with a $108 million Series B, just four months after its public launch. The round was co-led by Forerunner Ventures and Menlo Ventures, bringing the San Francisco startup's total funding to at least $160 million.
Founded by former Plaid CTO Jean-Denis Greze, Town builds AI assistants for businesses. Each employee can use a personal assistant, called a Townie, which connects with work tools such as email and calendars. Townies can also share approved information with one another and interact with people outside their company.
The company says it reached millions of dollars in annual recurring revenue within weeks of launching. It also introduced a shared workflow that automatically updates employees' Townies with new business information, reducing the need for workers to update their assistants individually.
Andreessen Horowitz, Serena Ventures and First Round Capital also participated in the funding round. Town's expanding network of workplace assistants could help businesses coordinate knowledge and everyday tasks more seamlessly as AI becomes a larger part of how teams work.
