Town, a San Francisco startup, raised $108 million in a Series B round valuing it at $1 billion. Forerunner Ventures and Menlo Ventures co-led the round, announced Monday. Town is expanding its per-person AI assistants, called Townies, so they can share work, hand off tasks and pass process changes across entire teams.
Town, a San Francisco startup, has raised $108 million in a Series B round that values the company at $1 billion. Forerunner Ventures and Menlo Ventures co-led the round, which Town announced Monday.
Existing investors a16z and First Round Capital took part, along with Better Tomorrow Ventures, Precedent.vc, Scribble Ventures, Serena Ventures and Sparked Ventures. Angel investors include Brendan Foody, Josh Silverman, Romain Huet, Scott Belsky, Steve Bartel, Taro Fukuyama and Varun Anand.
Town's core product gives every person at a company an AI assistant. The company calls each one a Townie. A Townie connects to a worker’s email, documents, calendar and the core systems that person uses for work. It learns their relationships, projects and voice, and it takes routine tasks off their plate.
How the assistants work together
How do Town's AI assistants work together as a team?
Town is now expanding Townies from individuals to entire teams. According to the company, the assistants can ask each other questions and hand off work. Each Townie shares only what its owner would be willing to share, asks for permission when needed and brings decisions back to that person.
Townies can also work outside the company. They can communicate with customers, partners and job candidates over email and text.
Teams can share workflows, too. When one team changes a process, such as the way sales representatives prepare for calls, every rep’s Townie picks up the change, Town said.
“AI has made each of us faster on our own. Now, it can make teams faster together,” said Jean-Denis Greze, co-founder and chief executive of Town.
Data ownership and model choice
Who owns the data Town's AI assistants build?
Town says each customer owns the context its Townies build, and that customers can take it with them if they leave. By default, Town does not use anything a customer connects to train a model.
The company uses models from the major AI labs and selects one for each task. Town says that approach keeps customers from being locked into a single lab. Town is SOC 2 Type 2 compliant and publishes its data processing agreement.
The company launched publicly in June with a $55 million Series A. Town says it reached seven figures in annual recurring revenue within weeks of that launch. Since July, its paying customers have grown fourfold and its paying teams ninefold.
In a blog post about the new round, Greze and co-founder Tony Vincent wrote that thousands of businesses now use Townies every day.
Shawn Carolan, a partner at Menlo Ventures, said his firm also backed Siri in 2008.
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