Tallinn-based startup Miros, which enhances product discovery in e-commerce, particularly in visually oriented sectors, has raised €6 million in a pre-Series A funding round led by EBRD Venture Capital and Tera Ventures. The funds will be used to boost R&D and expand market reach.
- Founded in 2021 by Heikki Haldre and Diana Saarva, Miros develops an AI-powered search and discovery platform for e-commerce, specifically targeting visually-driven sectors like fashion and furniture.
- The platform's Discovery Bar allows users to find products using rich, descriptive search terms without relying on tags or exact keywords. Additionally, the Wordless Search feature facilitates seamless browsing and real-time refinement of results.
- Miros enhances product discovery by extracting detailed information from product images and employing advanced language processing techniques.
- The platform integrates with various e-commerce systems through GraphQL APIs and Web SDKs, enabling businesses to deliver personalized search experiences that increase customer engagement and boost conversion rates.
- Miros has a team of 25 members and offices in Tallinn, London, and Lisbon. The company has partnered with notable industry firms, including SAP, Nvidia, and PwC, and is actively expanding its market reach, focusing on retailers in Europe and the US.
Details of the deal
- The pre-Series A investment was led by EBRD Venture Capital, a London-based VC that supports early and growth stage companies with ticket sizes ranging between €2 million to €25 million, and Tera Ventures, a Tallinn-based VC that invests in the Baltics, Scandinavia, and the CEE region.
“We are excited to partner with Miros as it scales its AI-based visual search solution for e-commerce. The product is impressive making the shopping journey intuitive for the consumer while demonstrating a clear return on investment for retailers globally. This is a great example of innovation originating from the Estonian tech ecosystem," Associate Director in the EBRD’s Venture Capital team, Aziza Zakhidova, stated.
- Angel investor Toomas Hendrik Ilves, the former President of Estonia, also participated in the funding round.
- With the fresh capital raised, Miros plans to support product development and expand its market reach in the US.
"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," co-founder and CEO of Miros, commented.
