San Francisco AI assistant startup Town reaches a US$1 billion valuation four months after launch

Town, a two-year-old San Francisco startup that gives every employee an AI assistant, reached a unicorn valuation on Monday with a US$108 million Series B co-led by Forerunner Ventures and Menlo Ventures. The company launched publicly four months ago, says it reached millions of dollars in annual recurring revenue within weeks, and has raised at least US$160 million.

Founded by former Plaid CTO Jean-Denis Greze, Town’s assistants, called Townies, connect to email, calendars and core work systems. They can share approved information with each other and now also work with customers and others outside a company.

Alongside the round, Town introduced a shared workflow that updates every employee’s assistant with new business information automatically. Andreessen Horowitz, Serena Ventures and First Round Capital also took part.