Town announced a $108 million Series B round on Monday at a unicorn valuation. Forerunner Ventures and Menlo Ventures co-led the funding for the San Francisco startup, which develops AI assistants for businesses.
Town is two years old but launched publicly just four months ago. The company said it reached millions of dollars in annual recurring revenue within weeks. It has raised at least $160 million to date, including a previously announced $55 million Series A in June.
Andreessen Horowitz, Serena Ventures, and First Round Capital also participated in the Series B. Town was founded by Jean-Denis Greze, the former chief technology officer of Plaid.
Townies connect to work systems to help with tasks
Town is one of many companies offering AI assistants. Its product gives each employee an assistant called a Townie. A Townie connects to email, calendars, and other core work systems to help with tasks.
Employees’ Townies can communicate with one another and share approved information. They can now also work with customers and other people outside the company.
Alongside the funding, Town announced a shared workflow that automatically gives employees’ Townies new business information. That removes the need for each worker to update their own Townie.
