Miros, an Estonian e-commerce startup, has secured €6 million in a funding round led by EBRD Venture Capital and Tera Ventures. The company’s visual AI technology aims to improve online shopping by predicting shoppers’ intent and making it easier to find visually complex items. One notable investor is Toomas Hendrik Ilves, the former president of Estonia who played a key role in transforming the country into a digital society.
Ilves was impressed by Miros’ ability to address the frustration of not finding desired items using traditional search engines. Miros tackles a $2 trillion issue in e-commerce where customers often struggle to find what they want. According to Google, online shoppers fail to find their desired items 60% of the time.
Miros’ visual search technology offers a solution by enhancing product discovery and customer satisfaction.
Visual AI boosts e-commerce sales
The company’s clients have seen significant improvements, with revenue increases over 31% and a 90% boost in customer loyalty.
Heikki Haldre, co-founder and CEO of Miros, emphasizes the mission to revolutionize online shopping. “The world doesn’t lack products. Finding them is the problem,” says Haldre.
Miros has partnerships with industry giants like SAP, Nvidia, and PwC. US-based luxury goods retailer Jomashop reported a 3.6% increase in gross merchandise value and a 1.3% lift in average order value after implementing Miros’ technology. The funds raised will support Miros in enhancing research and development, advancing its technology, and expanding its market reach across Europe and the United States.
The investment highlights the potential of Miros’ visual search technology to transform the e-commerce industry and improve the online shopping experience for customers worldwide.
