Ex-Ramp Engineers Secure $20M for New Platform Melius Following Initial Product Redesign
Melius, an AI-driven platform designed to generate ad campaigns, images, and videos, has successfully raised $25 million in funding, which includes a $20 million Series A round led by CRV, alongside a $5 million seed round from General Catalyst.
The New York-based startup, which emerged from stealth mode in July, claims to have achieved over $1 million in annualized revenue within its first two months. Co-founder Joowon Kim acknowledges that Melius did not achieve immediate success at its initial launch more than a year ago. Originally, the team aimed to create an AI-powered performance marketing tool, drawing on their experiences as engineers at Ramp, a finance software company.
However, after about six months in development, Kim and his co-founders — Young Kim and Arnav Ramu — determined that their initial concept lacked potential. They pivoted their focus towards what they viewed as a more substantial opportunity: building tools that assist in generating creative assets and advertising campaigns.
In a decisive move, Kim stated, “We scrapped the entire codebase; we burned all of it,” as they transitioned to a new product. Nearly a year after its debut, the company introduced a platform it touts as an "agents lab for creative work."
Melius isn’t alone in aiding brands and agencies in creating ad content using AI. Competitors include rapidly expanding Higgsfield, valued at $5.4 billion as of August, along with smaller startups like Krea and Flora AI. Despite the looming competition, Kim expresses confidence, suggesting that the substantial market can accommodate various players. “There are a lot of players, which is pretty exciting,” he remarked, indicating that this diversity signals a healthy demand in the market.
Kim’s passion for digital media began in childhood, fueled by dreams of becoming a YouTuber. Reflecting on his early experiences, he shared, “I tried my best to make vlogs,” but ultimately, his skills didn’t match those of his father, a proficient user of FinalCut Pro. Nevertheless, his enthusiasm for creating digital content persisted. Now, with Melius, he endeavors to provide a platform that empowers anyone, including seasoned creative directors, to bring their ideas to fruition using simple language.
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