San Francisco AI assistant startup Town announced on Monday that it has completed a $108 million Series B funding round, co-led by Forerunner Ventures and Menlo Ventures, with Andreessen Horowitz, Serena Ventures and First Round Capital also participating. The company's valuation has risen to unicorn level.
Town was founded only two years ago and officially launched four months ago, subsequently achieving an annual recurring revenue (ARR) of several million dollars within weeks. To date, the company has raised at least $160 million in total, having previously completed a $55 million Series A round in June.
Town was founded by former Plaid chief technology officer Jean-Denis Greze and primarily serves the enterprise market, providing each employee with an AI assistant named Townie. Townie can connect to email, calendars and other core work systems, helping employees handle daily tasks. Different employees' AI assistants can communicate with each other, share authorized information, and support collaboration with customers and people outside the enterprise.
Alongside this funding round, Town also launched a shared workflow feature that can automatically sync new business information to employees' Townie profiles, reducing the cost of manual updates one by one. As enterprise AI adoption evolves from single-point task assistance to cross-system collaboration, Town is attempting to drive AI into organizations' daily operations by combining employee-level AI assistants with shared workflows.