AI assistant startup Town nabs unicorn valuation four months after launch

Town, a two-year-old, San Francisco-based startup developing AI assistants, nabbed a unicorn valuation on Monday, announcing a $108 million Series B funding round co-led by Forerunner Ventures and Menlo Ventures. The company launched publicly just four months ago and said it reached millions of dollars in annual recurring revenue in a matter of weeks. It has raised at least $160 million to date, having previously announced a $55 million Series A round in June.

Town — founded by former Plaid CTO Jean-Denis Greze — is one of many AI assistants flooding the market right now. Town targets businesses, giving each employee an AI assistant called a Townie that helps with tasks by connecting to tools such as emails and calendars, as well as other core work systems. Employees’ Townies can talk to each other and share approved information; they can also now work with customers and others outside the company. 

Alongside the funding, Town announced a shared workflow that automatically updates employees’ Townies with new business information rather than requiring each worker to update their own Townie. Andreessen Horowitz, Serena Ventures, and First Round Capital also participated in the round.