Miros, a company that uses image analysis software to profile individuals' taste in products, has raised a €6 million pre-Series A investment led by EBRD Venture Capital and Tera Ventures. Former Estonian President Toomas Hendrik Ilves also participated in the round as an Angel Investor.
Miros will use the funding to enhance R&D, further develop the technology, and expand market reach. To date, the company has raised €8M.
The company hopes that this approach will offer clients higher success rates with product discovery and conversion. Its AI recognizes shopping patterns and mirrors users' wishes to help them find the intended item.
Miros has established partnerships with industry giants like SAP, Nvidia, and PwC and is actively expanding its market reach, focusing on European and US retailers.
The team of 25 is currently based in Tallinn, London, and Lisbon, and is aggressively expanding in the US through partnerships and hiring.
Heikki Haldre, Co-Founder and CEO at Miros, commented, “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.”
“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?”
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 . By augmenting product discovery with visual search, Miros has the potential to address a fundamental pain point in e-commerce search.”
Toomas Hendrik Ilves, former President of Estonia and angel investor, commented: “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 revolutionize online shopping globally. I am always thrilled to see Estonian entrepreneurs at the forefront of innovation."
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