Town, a San Francisco startup building AI assistants for businesses, has reached a unicorn valuation four months after launching publicly, announcing a $108 million Series B co-led by Forerunner Ventures and Menlo Ventures, TechCrunch reported on Monday.
The company says it reached millions of dollars in annual recurring revenue within weeks of launch. Town has now raised at least $160 million in total, following a $55 million Series A announced in June. Andreessen Horowitz, Serena Ventures and First Round Capital also took part in the new round.
Founded by former Plaid chief technology officer Jean-Denis Greze, Town gives each employee an AI assistant, called a Townie, that connects to tools such as email and calendars and other core work systems. Townies can talk to one another and share approved information, and can now work with customers and others outside the company as well.
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 assistant. The raise makes Town one of the fastest startups to reach a billion-dollar valuation in the crowded market for workplace AI assistants.
