Miros, the Estonia-based leader in visual AI e-commerce solutions, has secured €6M in a pre-Series A funding round led by EBRD Venture Capital and Tera Ventures, with additional investment from former Estonian President Toomas Hendrik Ilves. This fresh capital will fuel Miros’ R&D efforts, furthering the development of its visual search technology to address the €2 trillion problem of lost e-commerce sales from unfulfilled customer searches. The funding will also support Miros’ aggressive market expansion, targeting both Europe and the U.S.
For countless online shoppers, finding specific products can often be a frustrating endeavour, with complex or visually nuanced items sometimes slipping through the cracks of text-based searches. Miros’ solution provides users quicker, more accurate product discovery, letting them find what they’re looking for in under 60 seconds using intuitive visual AI—delivering a search experience that mimics the effortless nature of in-person shopping. According to Google, customers fail to locate their desired items up to 60% of the time, and Miros aims to transform this experience across multiple regions and retail sectors.
Heikki Haldre, Co-Founder and CEO of Miros, elaborated on the problem Miros seeks to solve, “The world doesn’t lack products. Finding them is the problem. We’ve all wasted hours online, endlessly scrolling and searching for the perfect item.” He added, “At Miros, we’re building the new online shopping experience where you can find a product in less than 60 seconds. Even when the products are so visually complex that the words fail us, the shop understands us nevertheless. The experience feels magical. Why would I shop anywhere else and spend hours searching for products?”
Solving the e-commerce pain point with quicker, more accurate product discovery
For e-commerce brands and retailers, visual search represents a powerful new approach to product discovery, one that has proven to significantly increase revenue and customer loyalty. Miros currently serves global retail clients such as Carousell (Singapore), momox fashion (Germany), Jomashop and Revolve (U.S.), and Hepsiburada (Türkiye). This strategic technology has already generated impressive results, with Jomashop alone experiencing a 3.6% boost in gross merchandise value (GMV) and a 1.3% rise in average order value.
Isaac Montaine, VP of Product Management at Jomashop, shared his endorsement, saying, “Miros has been a game-changer for our business. By empowering customers to discover products effortlessly, we’ve seen a significant improvement in sales and customer satisfaction.”
Aziza Zakhidova, Associate Director at EBRD Venture Capital, added, “We are excited to back Heikki and team as they transform the search experience in e-commerce. Miros visual search is impressive, buyers can enjoy a more intuitive shopping experience and find what they are looking for, while retailers can see improvements in conversions [based on AB tests]. By augmenting product discovery with visual search, Miros has the potential to address a fundamental pain point in e-commerce search.”
Expanding globally with strategic partnerships
Miros was founded by industry veterans Heikki Haldre and Paul Pallin, who previously co-founded Fits.me, a bio-robotics fashion tech startup acquired by Rakuten. Supported by partnerships with major industry players like SAP, Nvidia, and PwC, Miros is positioned to drive widespread adoption of its solution. The company, headquartered in Tallinn, has grown to a team of twenty-five and plans to expand aggressively in the U.S. market, using the recent funding to establish partnerships and increase hiring.
The visual search technology originated at the University of Tartu, one of Europe’s top research institutions in AI and computer vision, where Miros continues to innovate. Former Estonian President and angel investor Toomas Hendrik Ilves noted his optimism about Miros’ potential, “As a strong supporter of innovation in technology, especially using artificial intelligence, I was particularly impressed by Miros’ ability to address a fundamental challenge in e-commerce – the frustration of not finding what I am looking for on existing internet search engines. It took just 17 minutes to decide I wanted to invest when I saw firsthand how Miros’ powerful AI-powered visual search technology can completely change and revolutionise online shopping globally.”
By bridging the gap between product availability and customer needs, Miros is transforming the e-commerce landscape and aiming to redefine online shopping with a frictionless, intuitive visual search experience that rivals in-store browsing. As the company expands its technological reach and market influence, it continues to advance its mission to revolutionise human-computer interaction in e-commerce.
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