Town.com Inc., a startup developing AI agents for workplace collaboration, has raised $108 million in a Series B funding round. This investment brings the company to a valuation of $1 billion, granting it unicorn status. The round was led by Forerunner Ventures and Menlo Ventures, with additional participation from Andreessen Horowitz, Serena Ventures, and First Round Capital.
The company has now raised a total of $160 million. This follows a $55 million Series A round that closed in June. The startup was co-founded by Jean-Denis Greze, the former Chief Technology Officer of Plaid Inc., and Tony Vincent, who previously founded Aspen Designs Inc. and Sold Inc.
Town provides employees with AI assistants called townies that integrate with email, calendars, and other corporate systems. These agents collaborate with each other and share information to assist with tasks. The startup reports that it has already achieved a revenue run rate in the millions of dollars since launching its first assistants in June.
The founders plan to use the new capital to develop additional integrations for their platform. The company emphasizes that businesses retain ownership of the context gathered by the AI assistants, allowing users to take this data with them if they stop using the service. The startup aims to integrate its technology into the daily workflows of employees.
