Town raises $108 million at a unicorn valuation — TechCrunch

San Francisco, US-based startup Town, which develops AI assistants for businesses, has announced that it raised $108 million in a Series B round and reached a unicorn-level valuation, TechCrunch reports.

Series B round

The round was co-led by Forerunner Ventures and Menlo Ventures. Andreessen Horowitz, Serena Ventures, and First Round Capital also participated.

In total, Town has raised at least $160 million. In June, the company reported a $55 million Series A round.

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Town was founded by former Plaid chief technology officer Jean-Denis Greze. The startup is two years old and launched publicly four months ago. The company said it reached several million dollars in annual recurring revenue within weeks of its launch.

AI assistants for employees

Town's platform is designed for companies and provides every employee with a Townie AI assistant. It connects to email, calendars, and other key work systems and helps complete work tasks.

Townies of different employees can interact with one another and exchange approved information. They can now also work with clients and other people outside the company. Along with the funding, Town introduced a shared workflow that automatically updates employees' assistants with new business information instead of requiring each employee to update them independently.