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 — targets businesses, giving each employee an AI assistant called a Townie that helps with tasks by connecting to tools such as emails and calendars. 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.
Source: TechCrunch Venture · Summarized by HeadlinesBriefing