Visual AI: Miros Raises $6M to Revolutionize E-Commerce Search

Miros, an Estonia-based pioneer in visual AI e-commerce solutions, has secured €6 million in a pre-Series A funding round. The investment was led by EBRD Venture Capital and Tera Ventures, with additional backing from former Estonian President Toomas Hendrik Ilves. This funding will propel Miros’ R&D efforts and facilitate the expansion of its groundbreaking visual search technology to tackle a pressing e-commerce challenge: unfulfilled customer searches, which contribute to an estimated €2 trillion in lost sales annually.

A Solution to E-Commerce’s Persistent Problem

For many online shoppers, finding the exact product they seek remains a frustrating experience. Text-based searches often fall short, particularly for complex or visually nuanced items. Miros addresses this challenge with an AI-driven visual search platform designed to deliver results in under 60 seconds, mimicking the intuitive nature of in-person shopping.

Miros’ CEO and Co-Founder, Heikki Haldre, explains: “The world doesn’t lack products. Finding them is the problem. We’re building an online shopping experience where customers can find products in less than a minute, even when words fail to describe them. It feels magical.”

This transformative approach has proven to significantly increase revenue and customer satisfaction. Notable clients such as Carousell (Singapore), momox fashion (Germany), Jomashop and Revolve (U.S.), and Hepsiburada (Türkiye) have already benefited. Jomashop, for instance, reported a 3.6% boost in gross merchandise value and a 1.3% rise in average order value.

Isaac Montaine, VP of Product Management at Jomashop, praised the technology, saying, “Miros has been a game-changer for our business. By empowering customers to discover products effortlessly, we’ve seen significant improvements in sales and satisfaction.”

Global Expansion and Strategic Partnerships

Founded by industry veterans Heikki Haldre and Paul Pallin, who previously co-founded Fits.me (acquired by Rakuten), Miros is positioned for global growth. Headquartered in Tallinn, Estonia, the company plans to use the funding to expand aggressively in the U.S., enhance its team, and establish new partnerships.

Supported by collaborations with major players such as SAP, Nvidia, and PwC, Miros continues to refine its visual AI technology. The company’s innovation is rooted in research from the University of Tartu, a leading institution in AI and computer vision.

Former Estonian President and angel investor Toomas Hendrik Ilves shared his optimism, stating:

“It took just 17 minutes to decide to invest. Miros’ powerful AI-powered visual search technology addresses a fundamental challenge in e-commerce—making online shopping globally more intuitive and efficient.”

Redefining Online Shopping

Miros is not only addressing a major pain point in e-commerce but also reshaping how customers interact with online stores. By bridging the gap between product availability and customer needs, Miros is advancing e-commerce innovation and creating a seamless shopping experience that rivals in-store browsing.

As the company expands its technological reach and market influence, its mission remains clear: to revolutionize human-computer interaction in e-commerce through intuitive visual AI.

References

• Jason Matthews (2024). Quicker, more accurate product discovery: Miros raises €6M to enhance visual AI e-commerce search. Tech Funding News. Available online. Accessed 30th December 2024.