Town Secures $108M Series B at $1B Valuation Weeks After Launching AI Agents

Town.com Inc. announced today that it has secured $108 million in Series B funding, achieving a $1 billion valuation. The capital injection brings the artificial intelligence startup’s total fundraising to $160 million, following a $55 million Series A round that closed in June.

The latest funding round was led by Forerunner Ventures and Menlo Ventures. Andreessen Horowitz, Serena Ventures and First Round Capital also participated in the investment. According to SiliconANGLE, this round occurred just weeks after the company launched its initial AI assistants, known as “townies,” to the market.

Leadership and Origins

Town was co-founded by Jean-Denis Greze, who previously served as Chief Technology Officer at Plaid Inc. His co-founder, Tony Vincent, has a history of building technology companies, including Aspen Designs Inc. and Sold Inc. Aspen Designs was later acquired by Google LLC, while Sold was purchased by Dropbox Inc. in 2013.

The connection between the two founders began when Vincent joined Dropbox. He met Greze for the first time during that period, forming a friendship that eventually led to the creation of Town. Menlo partners Shawn Carolan, Amy Wu Martin and Sam Borja highlighted these backgrounds in a blog post detailing the investment.

Operational Impact

Town targets enterprise businesses by providing each employee with a dedicated AI agent called a Townie. These agents connect to core work systems, including email and calendar applications, to assist with tasks. The agents can communicate with one another and share approved information across the organization.

Menlo’s entire team began using the platform in June. According to the partners’ blog post, their Townies quickly became some of their most active team members. Employees reported that the agents helped catch forgotten commitments and pulled relevant context for replies before manual searches were necessary.

Some users noted that the agents helped stabilize days that were about to fall apart. In several instances, a Townie surfaced a contact or founder that an employee had spent weeks trying to locate. The partners described these instances as “moments of magic” shared widely on their internal Slack channels.

What should you do?

Security professionals should monitor how AI agents handle access permissions to email and calendar data. Organizations adopting such tools must verify that agents only share approved information with external parties. Teams should review logging mechanisms to ensure agent actions are auditable.

What to do and how to stay safe: Town.com

• Audit API connections to ensure AI agents have the minimum necessary permissions to access email and calendar data.
• Verify that data-sharing policies between internal agents and external contacts are strictly enforced and logged.
• Monitor for unusual data access patterns that could indicate misconfigured agent permissions or unauthorized information disclosure.
• Review vendor security documentation to understand how agent-to-agent communication is secured and validated.

Step-by-step guide: Prompt Injection Warning Signs: How to Spot AI Manipulation

General security guidance from the Threat Times newsroom. It is not confirmed advice from the organisations named in this story.

Frequently asked questions

How much funding has Town.com Inc. raised in total?

Town has raised a total of $160 million, including a new $108 million Series B round and a previous $55 million Series A.

Who led the latest funding round for Town?

The Series B round was led by Forerunner Ventures and Menlo Ventures, with participation from Andreessen Horowitz, Serena Ventures and First Round Capital.

When did Town launch its AI assistants?

Town launched its first AI assistants, called “townies,” in June, just weeks before announcing the new funding round.