Melius, AI platform founded by ex-Ramp engineers, raises $20 million in funding
AI-based advertising and content generation platform Melius has managed to raise a total of $25 million in funding after scrapping its initial product.
Melius, an AI platform founded by former Ramp engineers that generates advertising campaigns and visuals, has secured $20 million in Series A funding led by CRV.
Details of the investment round
AI platform Melius announced that it has raised a total of $25 million in funding, comprising a $20 million Series A round led by CRV and a $5 million seed investment led by General Catalyst.
Cancellation of the first project and pivot process
Founded by former Ramp engineers Joowon Kim, Young Kim, and Arnav Ramu, the startup had been working on an AI-powered performance marketing tool for a while. After working for more than six months, the team completely scrapped the original codebase and changed direction.
Transformation into a creative agency lab
Focusing on tools that enable the direct production of creative assets and campaigns, the founders designed the process as an agent laboratory for creative works and developed the platform accordingly.
Revenue success achieved in a short time
Entering the market in July after coming out of stealth mode, the AI startup recorded significant financial growth in a short time, reaching over $1 million in annual recurring revenue in just two months.