Town, a San Francisco startup building AI assistants for businesses, has reached a unicorn valuation after closing a $108 million Series B funding round just four months after its public launch, TechCrunch reported on Monday.
The round was co-led by Forerunner Ventures and Menlo Ventures, with Andreessen Horowitz, Serena Ventures and First Round Capital also participating.
Town has now raised at least $160 million in total, having previously closed a $55 million Series A in June.
The company was founded by Jean-Denis Greze, formerly chief technology officer at Plaid, the financial data network, and gives each employee an AI assistant called a Townie that connects to email, calendars and other core workplace systems.
Townies can communicate with each other and share approved information across a business, and can also now interact with customers and contacts outside the company.
Alongside the funding announcement, Town launched a shared workflow feature that automatically pushes new business information to all employees' Townies, removing the need for each worker to update their own assistant manually.
The company said it reached millions of dollars in annual recurring revenue within weeks of launching publicly, a trajectory that will have made the unicorn valuation straightforward to justify to investors.
Town is one of dozens of AI assistant startups competing for enterprise budgets, but the speed of its revenue growth sets it apart from most of the field at a comparable stage.
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