Ex-Ramp engineers raise $20M for platform Melius after scrapping their first product
AI startup Melius has raised $25 million in funding after pivoting from its original marketing tool to an AI-powered creative asset generation platform. The company, founded by former Ramp engineers, aims to compete in the growing market for AI-generated advertising content.
Why it matters
The funding round underscores the continued investor appetite for generative AI tools that automate creative workflows in marketing.
Melius , an AI platform for generating ad campaigns, images, and videos, announced on Tuesday that it raised a total of $25 million in funding, including a $20 million Series A led by CRV and a $5 million seed round led by General Catalyst.
While the startup claims to have hit more than $1 million in annualized revenue within two months of coming out of stealth in July, co-founder Joowon Kim (pictured on right) admits that Melius didn’t hit it out of the park initially.
When the New York-based company first launched over a year ago, Kim and his co-founders, Young Kim (pictured on left) and Arnav Ramu (pictured center) set out to build an AI-powered performance marketing tool. The three knew each other from working as engineers at Ramp, the corporate spending and finance software company.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in