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Jean-Denis Gr\u00e9z\u00e9\u2019s AI assistant is a silver fox who wears a little satchel, and her name is Ivy.\u00a0<\/p>\n
Ivy is Gr\u00e9z\u00e9\u2019s Townie\u2014the personalized AI assistant at the center of his startup, Town. His choice of mascot, an homage to his prematurely grey hair, says something about the product\u2019s philosophy: this isn\u2019t a chatbot. It\u2019s yours. (Mine is a rotund, furry creature named Algernon.)<\/p>\n
Town raised a $55 million Series A, led by Andreessen Horowitz, Fortune learned exclusively. Forerunner Ventures, First Round, Alt Capital, and Conviction also participated. The company was founded in late 2024 by Gr\u00e9z\u00e9\u2014former CTO of Plaid\u2014and Tony Vincent, former director of applied AI at Google.<\/p>\n
Town is chasing the global AI assistant market valued at $16 billion in 2024 and projected to reach $74 billion by 2033. The productivity software layer it sits on top of is already a\u00a0$110 billion business, on its way to $196 billion by 2031. And the actual prize\u2014what Gr\u00e9z\u00e9 calls \u201ca trillion-plus in revenue\u201d\u2014is the more than one billion knowledge workers globally.\u00a0<\/p>\n
The company\u2019s premise is deceptively simple: most people still aren\u2019t using AI to its full potential. \u201cThe 80th percentile user uses ChatGPT or Claude at most three times a day,\u201d Gr\u00e9z\u00e9 told me. \u201cThey just don\u2019t have good intuition for what AI can or can\u2019t do. Those systems aren\u2019t connected to everything they use.\u201d<\/p>\n
Town\u2019s answer is to flip the relationship entirely. Users can\u2019t sign up without connecting their email and calendar. From there, Town builds a picture of who they are and begins suggesting actions before they\u2019ve had to ask. In the first five minutes, it surfaces a biography of the user based on what it already knows, then offers three to five things it can do at that moment. Over time, Townies learn preferences, notice patterns, and eventually ask whether they should just handle certain tasks automatically. Examples include\u00a0automatically generating research briefs on unknown senders of emails or automatically translating documents into a preferred language.\u00a0<\/p>\n
Gr\u00e9z\u00e9 describes the target user as \u201cprosumer\u201c: people who use the product for work (about 70-80% of usage) but whose personal and professional lives are deeply entangled. (They have a sizable user community of Australian plumbers\u2014one user told the company he gets 300 emails a day spanning emergencies, active job sites, potential new clients, and supplier bills. Town sorts all of it.) The company is approaching 10,000 users, with 99% retention over two months among users who\u2019ve built even one custom automation.\u00a0<\/p>\n
Town builds on Google and Microsoft infrastructure\u2014the same companies fielding their own AI assistants (Gemini and Copilot) with far deeper native data access. Gr\u00e9z\u00e9 isn\u2019t dismissing the risk, but points to precedent: Superhuman competes directly with Gmail and hasn\u2019t been locked out. Notion has built hundreds of millions in revenue on top of Google Docs. \u201cEven Google, to build a competing product, has to benefit from the entire ecosystem being open,\u201d he said.<\/p>\n
Forerunner founder and managing partner Kirsten Green has confidence in Town\u2019s ability to stay ahead. \u201cThere is a lot to be said for just being focused on delivering on a particular value proposition to a particular type of user,\u201d she said. \u201cEveryone at Town is focused on how to make users and their Townies more powerful, more productive, and more in partnership together.\u201d<\/p>\n
Green\u2019s conviction also lies in the team. Gr\u00e9z\u00e9 spent seven years as CTO of Plaid, including the years the Visa acquisition collapsed under DOJ scrutiny\u2014watching a transformative exit evaporate and rebuilding from it. The lesson, he says, is that building something people love is the only durable thing. \u201cWe don\u2019t want Town to extract data out of you, we don\u2019t want it to threaten your job,\u201d he said. \u201cWe just want to build something that generally helps people.\u201d<\/p>\n
See you tomorrow,<\/p>\n
Lily Mae Lazarus
X:\u00a0@LilyMaeLazarus
Email:\u00a0lily.lazarus@fortune.com
Submit a deal for the Term Sheet newsletter\u00a0here.<\/p>\n
Joey Abrams curated the deals section of today\u2019s newsletter.\u00a0Subscribe here.<\/p>\n
VENTURE DEALS<\/p>\n
– Mach Industries, a Huntington Beach, Calif.-based defense technology and munitions company, raised $300 million in Series C funding. Infinite Capital and Ribbit Capital led the round.\u00a0<\/p>\n
– Spiro, a Dubai-based electric motorbike and battery-swapping company, raised $215 million in funding from Equitane, Impact Fund Denmark, and others.<\/p>\n
– Adaptive Innovation, a New York City and Dallas-based AI-powered home health care company, raised $50 million in Series A funding. Felicis led the round and was joined by Bain Capital Ventures, Optum Ventures, Sunflower Capital, BoxGroup, Dorm Room Fund, Constellation, and SV Angel.<\/p>\n
– Endra, a Stockholm, Sweden-based AI platform for MEP engineering, raised $50 million in Series A funding. a16z led the round and was joined by Notion Capital and Norrsken VC.<\/p>\n
– Findigs, a New York City-based AI-native leasing decisioning platform, raised $32 million in Series C funding. RPM Ventures led the round and was joined by Nyca Partners, Frontier Venture Capital, and Western Technology Investment.<\/p>\n
– Novellia, a New York City-based real-world health data and analytics company, raised $18 million in Series A funding. Spark Capital led the round and was joined by Khosla Ventures, Bling Capital, and TMV.\u00a0<\/p>\n
– Ilant Health, a New York City-based AI-powered obesity and cardiometabolic care company, raised $15 million in Series A funding. Cornucopian Capital led the round and was joined by naturalX, Peakbridge, Semcap AI, Evidenced, Operator Partners, and others.<\/p>\n
– Flok Health, a Cambridge, U.K.-based AI-powered physiotherapy company, raised $12.5 million in Series A funding. Albion VC led the round and was joined by Eka VC, Form Ventures, and Mercia Ventures.<\/p>\n
– Plot, a New York City-based social video analytics platform, raised $10 million in seed funding. XYZ Venture Capital and Mischief Ventures led the round and were joined by Seven Seven Six and Acme Capital.<\/p>\n
– ZERODRIFT, a New York City-based AI-powered compliance and data governance platform, raised $10 million in seed funding from a16z speedrun, Reign Ventures, PitchDrive Ventures, U&I Ventures, and others.<\/p>\n
– Bayshore, a Munich, Germany-based agentic AI platform for legal and compliance tasks, raised $8 million in seed funding. Earlybird Venture Capital led the round and was joined by Lucid Capital, Booom, Heliad, and angel investors.<\/p>\n
– NP Company, a Paris, France-based AI-powered engineering simulation software company, raised \u20ac6 million ($7 million) in pre-seed funding. Partech led the round and was joined by the Peugeot family office and angel investors.<\/p>\n
– INXM, a Berlin, Germany-based AI process execution engine, raised \u20ac5.7 million in pre-seed funding. Cherry Ventures led the round and was joined by Redstone and Angel Invest.<\/p>\n
– HLRBO, a Brainerd, Minn.-based online marketplace for hunting leases, raised $2.5 million in funding. Mairs & Power Venture Capital led the round.<\/p>\n
PRIVATE EQUITY<\/p>\n
– NMI, backed by Francisco Partners, Great HIll Partners, and Insight Partners, acquired Fee Navigator, a Philadelphia, Pa.-based AI-powered pricing intelligence platform for payments companies. Financial terms were not disclosed.<\/p>\n
– RTC Aerospace, backed by Stellex Capital Management, acquired Automatic Products, a Sumner, Wash.-based precision machined components manufacturer. Financial terms were not disclosed.<\/p>\n
– VU Custom, backed by Greybull Stewardship, acquired YR ID, a Middlesex, U.K.-based product personalization software company.. Financial terms were not disclosed.<\/p>\n
EXITS<\/p>\n
– Framatome acquired the French valves operations platform of Trillium Flow Technologies, a Glasgow, U.K. and Houston, Texas-based valves and pumps company and portfolio company of First Reserve. Financial terms were not disclosed.<\/p>\n
PEOPLE<\/p>\n
– 645 Ventures, a New York City-based venture capital firm, promoted William Hess to Principal.<\/p>\n
– Angeles Equity Partners, a Los Angeles, Calif.-based private equity firm, hired Chris Huetsch as a Principal on the investment team. Formerly, he was with Arsenal Capital Partners.<\/p>\n
#Andreessen #Horowitz #Forerunner #betting #million #Towns #deeply #personal #assistants<\/p>\n","protected":false},"excerpt":{"rendered":"
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