Using visual AI technology, Miros can predict online shoppers’ intent, enabling users to find what they are looking for faster than traditional search.
Miros, a visual AI ecommerce search solution, 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 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 €8 million.
Using visual AI technology, Miros can predict online shoppers’ intent, enabling users to find what they are looking for faster than traditional search.
It understands the context of products from the product images, even when product metadata is insufficient. Its AI recognises shopping patterns and mirrors users’ wishes to help them find the intended item in 60 seconds or less.
Heikki Haldre, Cofounder 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.”
Haldre added, “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?”
Jomashop, a US-based luxury goods retailer, has implemented Miros’ AI powered visual search technology. Since doing so, it has experienced a 3.6% increase in gross merchandise value (GMV) and a 1.3 % lift in average order value (AOV).
Isaac Montaine, VP of Product Management at Jomashop, commented, “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.”
Created in the European computer vision AI research institution, the University of Tartu, Miros’ technology has established partnerships with industry giants like SAP, Nvidia, and PwC. The company is also expanding its market reach, focusing on European and US retailers. Its team of 25 is based in Tallinn, London, and Lisbon.
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