Miros, an Estonian startup specialising in visual AI technology for e-commerce, has secured €6M in pre-Series A funding to change how consumers find products online. The round was led by the European Bank for Reconstruction and Development’s (EBRD) venture capital arm and Tera Ventures, with participation from notable investors, including former Estonian President Toomas Hendrik Ilves.
The Tallinn-based company, founded in 2021, addresses a significant pain point in online retail: shoppers’ inability to find desired products through traditional text-based searches. According to Google research, online shoppers fail to find what they’re looking for 60% of the time, particularly when dealing with visually complex items like fashion or furniture.
Miros’s proprietary AI technology allows customers to search for products using images instead of text while also incorporating advanced text-based search capabilities. The platform analyses users’ browsing behaviour and interactions with product images to identify key features and match them to retailers’ product catalogues.
“The world doesn’t lack products. Finding them is the problem,” said Heikki Haldre, co-founder and CEO of Miros. “We’re building the new online shopping experience where you can find a product in less than 60 seconds.”
Early results appear promising. Luxury goods retailer Jomashop reported a 3.6% increase in gross merchandise value and a 1.3% rise in average order value after implementing Miros’s solution. The company has also partnered with industry giants such as SAP, Nvidia, and PwC.
Despite a long history of minting unicorns, the investment marks EBRD’s first VC investment in Estonia. It brings Miros’s total raised capital to €8 million. The funds will support further research and development, technology advancement, and market expansion, particularly in the United States.
“This is a great example of innovation originating from the Estonian tech ecosystem,” said Aziza Zakhidova, Associate Director in the EBRD’s Venture Capital team. “The product is impressive – making the shopping journey intuitive for the consumer while demonstrating a clear return on investment for retailers globally.” It wins both customers and investors quickly. “It took just 17 minutes to decide I wanted to invest when I saw firsthand how Miros,” said Ilves.
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