Ex Ramp engineers raise 25 million dollars for AI ad platform Melius

New York-based startup Melius announced on Tuesday that it raised 25 million dollars in total financing, TechCrunch and TechCrunch AI reported. The funding consists of a 20 million dollar Series A round led by venture capital firm CRV and a 5 million dollar seed round led by General Catalyst. The startup was founded by former Ramp engineers including Joowon Kim and Young Kim. [1][2]

According to TechCrunch and TechCrunch AI, Melius develops an artificial intelligence platform designed to generate ad campaigns, images, and videos. When the New York company first launched over a year ago, its initial product focused on helping marketers manage and optimize their advertising spend. However, the founders decided to scrap that original product. [1][2]

TechCrunch and TechCrunch AI reported that Melius subsequently shifted its focus toward building tools that directly generate creative assets and ad campaigns. Co-founder Joowon Kim admitted that the startup did not achieve immediate success before making the operational pivot. [1][2]

The company emerged from stealth in July. TechCrunch and TechCrunch AI reported that Melius claims to have reached more than 1 million dollars in annualized revenue within two months of its public launch. [1][2]