Estonian startup Miros has raised €6 million in a pre-Series A funding round led by EBRD Venture Capital and Tera Ventures, with participation from former Estonian President Toomas Hendrik Ilves. Miros leverages AI-powered visual search technology to simplify product discovery in e-commerce, addressing lost sales due to challenges in finding items through traditional search.
The funding will enhance Miros’ AI-driven search capabilities, expand its market reach, and support research and development. Miros’ technology enables customers to locate products using images instead of text, a method that proves valuable for visually complex items. Miros CEO Heikki Haldre noted that the tool aims to allow users to “find a product in less than 60 seconds,” eliminating endless scrolling.
Since integrating Miros’ technology, retailers like Jomashop have observed a 3.6% increase in gross merchandise value and a 1.3% rise in average order value. Miros’ backers view the startup as poised to transform e-commerce search, offering a more intuitive shopping experience while driving conversion improvements for retailers.
Featured image: Credit: Miros
