San Francisco-based AI companion startup Tolan has raised $30 million in funding led by Union Square Ventures (USV), with participation from Khosla Ventures and Homebrew. The financing brings the company’s total funding to approximately $60 million.
Founded in 2023 by Quinten Farmer, Evan Goldschmidt, and Ajay Mehta, Tolan was previously known as Portola. Farmer serves as CEO, Goldschmidt as CTO, and Mehta as President. The company develops a voice-first AI companion designed to help people navigate everyday activities, personal relationships, emotions, and goals.
The Tolan app allows users to interact with personalized, animated AI characters through natural conversations. Its technology uses conversational memory to retain information from previous interactions, enabling companions to maintain context and adapt their responses over time. The platform combines voice interaction, memory retrieval, and character design to support ongoing conversations.
Beyond conversational companionship, Tolan is expanding into practical assistance with activities such as grocery shopping, meal planning, and family organization. The company plans to use its additional capital to extend these capabilities and broaden access to its platform through its first free subscription tier.
According to company-reported figures, Tolan serves approximately 250,000 monthly active users, who have collectively held more than 70 million conversations over the past year. The startup also reported annual recurring revenue in the double-digit millions of dollars, generated through its subscription-based business.
The latest financing follows two previously announced rounds in 2025. Tolan disclosed a $10 million seed round led by Lachy Groom in February 2025, followed by a $20 million Series A led by Khosla Ventures in July 2025.
