Town, a two-year-old San Francisco-based startup developing AI assistants, has secured a unicorn valuation of $108 million after raising $108 million in a Series B funding round led by Forerunner Ventures and Menlo Ventures. The company, which launched just four months ago, has already reached millions of dollars in annual recurring revenue and has raised at least $160 million. Founded by former Plaid CTO Jean-Denis Greze, Town offers AI assistants called Townies to businesses, enhancing communication and productivity. The company's new shared workflow feature automatically updates employees' Townies with new business information, streamlining communication and reducing the need for individ…
Key points
Town, a two-year-old San Francisco-based startup, has secured a unicorn valuation of $108…: Town, a two-year-old San Francisco-based startup, has secured a unicorn valuation of $108 million after raising $108 million in a Series B funding round.
The company, which launched just four months ago, has already reached millions of dollars…: The company, which launched just four months ago, has already reached millions of dollars in annual recurring revenue.
Founded by former Plaid CTO Jean-Denis Greze, Town offers AI assistants called Townies to…: Founded by former Plaid CTO Jean-Denis Greze, Town offers AI assistants called Townies to businesses, enhancing communication and productivity.
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Town, a two-year-old, San Francisco-based startup developing AI assistants, nabbed a unicorn valuation on Monday, announcing a $108 million Series B funding round co-led by Forerunner Ventures and Menlo Ventures. The company launched publicly just four months ago and said it reached millions of dollars in annual recurring revenue in a matter of weeks. It has raised at least $160 million to date, having previously announced a $55 million Series A round in June.
Town — founded by former Plaid CTO Jean-Denis Greze — is one of many AI assistants flooding the market right now. Town targets businesses, giving each employee an AI assistant called a Townie that helps with tasks by connecting to tools such as emails and calendars, as well as other core work systems. Employees’ Townies can talk to each other and share approved information; they can also now work with customers and others outside the company.
Alongside the funding, Town announced a shared workflow that automatically updates employees’ Townies with new business information rather than requiring each worker to update their own Townie. Andreessen Horowitz, Serena Ventures, and First Round Capital also participated in the round.
The internet is evolving to accommodate AI agents, which could potentially improve user experience, but it may also lead to a divide between humans and machines. As millions of AI agents are introduced, websites are struggling to distinguish between human visitors and bots, leading to a redesign of the internet for these new visitors. This shift could have significant implications for privacy, security, and the future of the internet.
Apple is set to unveil its first touch-screen MacBook Pro at a "Pro and tell" event on October 28 in Los Angeles, marking a significant shift in the Mac lineup. This event follows previous product launches like the Duo foldable iPhone and the HomeView smart-home hub, suggesting Apple's increased emphasis on product launches. Analysts attribute this to the company's efforts to streamline development and accelerate product releases.
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