(Bloomberg) -- An artificial intelligence startup focused on sales and marketing for businesses has raised $46 million from venture capital investors, the company plans to announce Thursday.

The startup, called Clay, is now valued at $500 million. The deal was led by Meritech Capital Partners, with participation from Sequoia Capital, First Round Capital and others. It brings the startup’s total funding haul to $62 million, the company said. News of the deal and Clay’s previous fundraising efforts haven’t been previously reported. 

Clay is the latest company to sell AI services to businesses, a field that’s become increasingly enticing to investors as consumer applications for the technology hit roadblocks and draw lawsuits. 

Clay “lets you pull information from everywhere on the web and then you can use AI agents on top of that,” said co-founder and Chief Executive Officer Kareem Amin, adding that it automates sales and marketing tasks such as drafting emails after pulling the data. “It allows one person to try to do all the account research and message setup, instead of all the individual junior people who used to do that before. They can focus on building the relationships with customers.”

Alex Kurland, general partner at Meritech, said he’s investing in Clay because “the business has really exploded over the past four to six quarters,” thanks to its integration of increasingly powerful AI technology. The startup has picked up clients like Reddit Inc., Anthropic and Notion Labs Inc.

(Company corrects total funding raised in the second paragraph.)

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