AI Assistant Startup Town Reaches Unicorn Valuation Four Months After Launch
San Francisco-based startup Town, which builds AI assistants for businesses, announced a $108 million Series B round on Monday, reaching unicorn status. It launched publicly only four months ago.
Town, a San Francisco startup that develops artificial intelligence (AI) assistants for the workplace, announced a $108 million Series B funding round on Monday, October 19. The round was co-led by venture capital firms Forerunner Ventures and Menlo Ventures. It lifts the company to a unicorn valuation, meaning more than $1 billion. The deal shows how actively investors are backing AI assistants, a market with many competitors.
What Town offers
Town is two years old and was founded by Jean-Denis Greze, formerly chief technology officer at the payments data platform Plaid. The product targets businesses: every employee gets an AI assistant called a Townie, which helps with tasks by connecting to email, calendars and other core work systems.
Employees' Townies can communicate with each other and share approved information. They can now also work with customers and other people outside the company.
Funding and new features
The company launched publicly four months ago and says it reached millions of dollars in annual recurring revenue within weeks. In total, Town has raised at least $160 million; a $55 million Series A round was announced in June.
Andreessen Horowitz, Serena Ventures and First Round Capital also took part in the Series B. Alongside the funding, the company introduced a shared workflow that automatically updates all employees' Townies with new business information, so each worker no longer has to update their own. TechCrunch has asked the company for comment.
