AI assistant startup Town, based in San Francisco, has secured a unicorn valuation after announcing a $108 million Series B funding round. The round was co-led by Forerunner Ventures and Menlo Ventures.
The company, which is two years old, launched publicly four months ago and reportedly achieved millions of dollars in annual recurring revenue within weeks. This latest funding brings Town's total raised to at least $160 million, following a $55 million Series A round in June.
Town develops AI assistants, known as Townies, for businesses. These assistants are designed to help employees with tasks by connecting to tools such as emails, calendars, and other core work systems. Townies can communicate with each other, share approved information, and now also work with customers and external parties. Alongside the funding, Town introduced a shared workflow feature that automatically updates employees' Townies with new business information.