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AI Startup Clay, Founded by McGill Grads, Raises $46M Series B Funding

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AI Startup Clay, Founded by McGill Grads, Raises $46M Series B Funding

New York-based AI startup Clay, founded by McGill University graduates Nicolae Rusan and Kareem Amin, has raised $46 million ($63 million CAD) in a Series B funding round. Led by Meritech Capital, the round included participation from existing investors such as Sequoia Capital, First Round Capital, Box Group, and Boldstart Ventures. This brings Clay’s total funding to $62 million ($85 million CAD) and values the company at $500 million.

Clay uses AI to automate sales and marketing tasks, helping businesses streamline operations. The new funding will expand Clay’s engineering and go-to-market teams, enhancing their platform for automating customer research and outreach.

Founded in 2017, Clay initially aimed to simplify computer programming but pivoted in late 2021 to focus on sales automation. Co-founder and CEO Kareem Amin noted the impact of this shift, stating: “With Clay, a single person can now run complex campaigns that previously required coordinating entire teams.”

The company has grown rapidly, now employing over 50 people, with 100,000 users and 2,500 customers, including Anthropic, Intercom, Notion, and Vanta. Clay’s revenue has grown tenfold each of the past two years.

Although currently focused in the US, Clay is interested in tapping into Canadian engineering talent in the future. Andre Charoo, General Partner at Maple VC, emphasized the value of backing Canadian founders in the US, aligning with Maple VC’s investment thesis.

This investment positions Clay for continued rapid growth and innovation in the AI-driven sales automation sector, with plans to further expand its market presence and product capabilities.

Featured image: Credit: Clay