Town secures $108M Series B for workplace AI assistants
San Francisco-based AI assistant startup Town has announced a $108 million Series B round co-led by Forerunner Ventures and Menlo Ventures, giving the company a unicorn valuation. Town launched publicly four months ago and says it reached millions of dollars in annual recurring revenue within weeks.
The company has raised at least $160 million to date. Its previously announced $55 million Series A was disclosed in June. Andreessen Horowitz, Serena Ventures and First Round Capital also participated in the new financing.
AI assistants built around business systems
Town was founded by former Plaid CTO Jean-Denis Greze. It develops AI assistants for businesses, assigning each employee an assistant known as a Townie. The product connects to email, calendars and other core work systems to help staff with tasks.
The company is entering a crowded market for AI assistants, while focusing its product on a shared workplace model. Employees’ Townies can communicate with one another and exchange approved information. Town says the assistants can now also work with customers and other people outside the company.
A shared workflow for business updates
Alongside the funding announcement, Town introduced a shared workflow designed to update employees’ Townies automatically when new business information becomes available. The approach is intended to remove the need for each employee to update an individual assistant separately.
That emphasis on shared information distinguishes a business deployment from a collection of isolated personal tools. In a related example, Emergent’s enterprise AI coding expansion illustrates how AI coding companies are also pursuing enterprise applications as a route to growth.
What the financing signals
Town’s funding follows a short interval between its public launch and the reported revenue milestone, while its total disclosed fundraising has now reached at least $160 million. The Series B brings together returning and new venture backing around a product aimed at connecting assistants to the systems where employees already work.
For businesses assessing AI assistants, Town’s announcements put practical attention on the permissions behind shared information, the systems an assistant can access and the process used to distribute updated business context across employees.