🛒 Revolutionizing e-commerce search
Estonian startup Miros has secured $6.4M (approx. €6M) in a pre-Series A round, led by EBRD Venture Capital and Tera Ventures. Miros, co-founded by Heikki Haldre and Paul Pallin, seeks to transform how we shop online with its AI-powered visual search. Unlike traditional text-based search, Miros’ tech allows users to find items by image, solving the $2T problem of lost e-commerce sales caused by poor product discovery. This funding will accelerate their R&D and expand market reach across Europe and the US.
📈 Impressive results from visual search
With Miros, retailers like Jomashop and REVOLVE report improved customer satisfaction and a 3.6% to 4.5% increase in gross merchandise value. Miros’ technology interprets users’ search intent within seconds, enabling them to find complex products in less than 60 seconds. Google research shows 60% of shoppers struggle with conventional search engines, making Miros’ approach a valuable alternative. This advantage has boosted revenue for Miros’ clients by up to 31% and driven a 90% increase in customer loyalty.
🤝 Powerful backers and partnerships
Backed by notable figures like former President Toomas Hendrik Ilves, Miros has partnerships with SAP, Nvidia, and PwC, positioning it strongly for growth. Ilves, a leading voice for tech innovation, invested in Miros after experiencing its power firsthand. He expressed excitement over Miros’ potential to redefine e-commerce by addressing shoppers' frustration with traditional search methods. Aziza Zakhidova from EBRD echoed this sentiment, praising Miros’ impact on conversions and buyer satisfaction.
🌍 Expanding global footprint
With a 25-member team spread across Tallinn, London, and Lisbon, Miros aims to establish itself internationally. The funding will support a focused expansion in the US, where Miros is already engaging top retailers. The technology’s roots trace back to the University of Tartu, a major hub for AI research. Miros’ market success so far signals its potential to become a staple in retail technology. CEO Haldre envisions a world where finding products online is fast and simple, describing the experience as “magical.”
Will AI visual search redefine online shopping?
