(Bloomberg) -- Codeium, a startup that combines artificial intelligence and coding, has raised $65 million in another sign of investor enthusiasm for generative AI.

The Series B investment, which was led by Kleiner Perkins, values Codeium at $500 million, according to a statement confirming an earlier report by Bloomberg News. Existing investor Greenoaks and new backer General Catalyst also participated in the funding. 

Mountain View, California-based Codeium works with clients such as Anduril Industries Inc. and Clearwater Analytics to help developer teams improve their productivity. Codeium’s toolkit helps write code to free up employees to work on more creative tasks, according to the statement. The company estimates that its toolkit is used to write 44% of the code for its more than 300,000 individual users.

It’s “something that even semi-technical people can use to create software,” said Kleiner Perkins partner Leigh Marie Braswell. She added that it’s “the only coding assistant that fits certain security requirements.”

With the investment, Braswell is joining Codeium’s board.

Codeium Chief Executive Officer Varun Mohan said that his startup is trying to provide a wide scope of functionality because “enterprises are going to look to buy from a handful of vendors.” He added that “you can’t just win on a single point solution.”

Mohan said the company will use the fresh capital for hiring, including in sales and marketing. 

(Updates with Braswell joining board in fifth paragraph. An earlier version of this story was corrected to specify that General Catalyst is a new investor.)

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