Miros, an emerging player in the visual search technology space, has successfully raised EUR€6 million in a pre-Series A funding round. This investment was led by EBRD Venture Capital, with notable participation from Tera Ventures and former Estonian President Toomas Hendrik Ilves as an angel investor. The newly acquired capital will be channelled into enhancing the company’s research and development capabilities, extending its market reach, and further developing its visual artificial intelligence (AI) technology. With this funding, Miros has now raised a total of EUR€8 million since its inception.
The e-commerce sector faces a considerable challenge—an estimated USD $2 trillion in lost sales due to customers’ inability to find the products they want. Miros aims to revolutionize the online shopping experience through its cutting-edge visual AI technology, which enhances product findability by predicting shopper intent. This technology facilitates quicker and more accurate product discovery compared to traditional search methods that rely on keyword input.
Research conducted by Google indicates a stark reality: 60% of online shoppers struggle to find the items they intend to purchase. This is particularly true for visually complex products that are hard to describe using standard search categories. Miros confronts this challenge head-on, offering retailers a competitive advantage by enabling users to communicate their preferences visually. This leads to a more intuitive shopping experience and, ultimately, improved conversion rates.
Clients utilizing Miros’ visual search technology have reported impressive results. For instance, revenue has surged by over 31%, while customer loyalty has experienced a 90% increase. By enabling a richer interaction with products, Miros is making it easier for customers to find what they are looking for—sometimes in under 60 seconds. This speed is crucial, as consumers increasingly gravitate towards platforms that offer efficient and visually engaging online shopping experiences.
Heikki Haldre, Co-Founder and CEO of Miros, asserts that the fundamental problem within e-commerce isn’t the availability of products but rather the difficulty in finding them. “The world doesn’t lack products. Finding them is the problem,” he explains. Haldre envisions a new shopping experience where users can locate desired items in less than a minute, even when the products are complex and hard to articulate with words.
A prime example of Miros’ success can be found in Jomashop, a well-known luxury goods retailer in the United States that has integrated Miros’ technology into its platform. Following the implementation, Jomashop reported a 3.6% increase in gross merchandise value and a 1.3% rise in average order value. 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.”
Aziza Zakhidova, Associate Director at EBRD Venture Capital, expressed enthusiasm regarding Miros’ potential to transform 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,” she stated. This sentiment is echoed by former President Ilves, who was quick to recognize the unique value proposition offered by Miros’ technology.
The origins of Miros’ innovative capabilities can be traced back to the University of Tartu, a leading institution in computer vision AI research. The company has established partnerships with industry giants like SAP, Nvidia, and PwC, reinforcing its credibility within the sector. With a dedicated team based in Tallinn, London, and Lisbon, Miros is now focused on expanding its footprint, particularly in the U.S. market, as it scales its operations and partnerships.
Miros aims to address a critical pain point in e-commerce: the frustration stemming from ineffective product searches. As online shopping becomes increasingly popular, the demand for more intuitive search technologies will continue to grow. Miros is positioned not just as a solution provider but as a transformational force in the realm of digital commerce.
With the surge in online shopping, the effectiveness of product discovery tools is paramount. Miros’ innovative approach to visual search represents a significant advancement in how consumers interact with e-commerce platforms, promising to reshape the shopping landscape for years to come.
