Town, a startup based in San Francisco that specializes in AI assistants, achieved a unicorn status on Monday by securing $108 million in a Series B funding round, co-led by Forerunner Ventures and Menlo Ventures. Just four months after its public launch, the company announced it has already reached millions in annual recurring revenue in a very short period. Overall, Town has raised approximately $160 million, following a $55 million Series A round disclosed in June.
Founded by former Plaid CTO Jean-Denis Greze, Town is part of the increasing number of AI assistant startups entering the market. Its focus is on businesses, providing each employee with a personalized AI assistant known as a Townie. These assistants facilitate tasks by integrating with various tools such as email and calendar applications, as well as other essential business systems. Townies can communicate with one another and share approved information, and they now have the capability to interact with customers and individuals outside the organization.
In addition to the funding announcement, Town unveiled a new collaborative workflow feature that automatically refreshes the information on employees’ Townies with the latest business data, eliminating the need for individuals to manually update their assistants. Other investors in this funding round included Andreessen Horowitz, Serena Ventures, and First Round Capital.
We have reached out to the company to receive further comments.
