Visual search technology startup Miros raises €6 million as it looks to expand market reach

Miros, a visual AI e-commerce 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, Co-Founder and CEO at Miros, comments: “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 adds: “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, comments: “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, pictured above, says: ”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.”

Hendrik Ilves says: “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 revolutionise online shopping globally. I am always thrilled to see Estonian entrepreneurs at the forefront of innovation."

Before Miros, Co-Founders Haldre and Paul Pallin (CTO) co-founded Fits.me, a bio-robotics technology for fashion e-commerce acquired by Rakuten. They were joined by Mart Parve, Chief Product Officer, as the third Co-Founder. 

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.

2024 RTIH INNOVATION AWARDS

Startups are a key focus area for the sixth edition of the RTIH Innovation Awards, which are now closed for entries.

The awards, sponsored by Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.

Key 2024 dates

Friday, 25th October: Award entry deadline 

Tuesday, 29th October: 2024 shortlist revealed

30th October-6th November: Judging days

Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.