AI assistant startup Town nabs unicorn valuation 4 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.

We’ve reached out to the company for comment.

Get 50% off a second pass

Cover more ground at TechCrunch’s ultimate founder bootcamp of the year by bringing your co-founder or partner. Save 50% off a second pass. Meet scaling and investment leaders, ask questions, find solutions, and more.

Last day to save Oct. 16

Every weekday and Sunday, you can get the best of TechCrunch’s coverage.

TechCrunch Mobility is your destination for transportation news and insight.

Startups are the core of TechCrunch, so get our best coverage delivered weekly.

Provides movers and shakers with the info they need to start their day.

By submitting your email, you agree to our Terms and Privacy Notice.