Town, a San Francisco startup that builds AI assistants for workplaces, raised a $108 million Series B at a $1 billion valuation, the company announced Monday, Oct. 19, just four months after it launched publicly.
Why it matters: Town is the latest San Francisco AI startup to reach a $1 billion valuation within months of launching, betting that AI assistants can work together across a whole company rather than for one person.
The deal
- Forerunner Ventures and Menlo Ventures co-led the round, with a16z and First Round Capital also taking part.
- Town has raised at least $160 million, including a $55 million Series A in June, TechCrunch reported.
- The company says it reached seven figures in annual recurring revenue within weeks of launching, and paying customers have grown fourfold since July.
What it does
Each employee gets an AI assistant, called a Townie, that connects to their email, documents, calendar and work systems. Townies can ask each other questions and hand off work, and can also deal with customers and job candidates over email and text, the company says.
"AI has made each of us faster on our own. Now, it can make teams faster together," co-founder and CEO Jean-Denis Greze, a former Plaid CTO, said in the announcement.
More SF AI funding: Flapping Airplanes raises $1B.