Miros, an Estonian startup specialising in visual AI for e-commerce search, has raised €6 million in a pre-Series A round led by EBRD Venture Capital and Tera Ventures. Former Estonian President Toomas Hendrik Ilves participated in the round as an angel investor.

Miros’ technology addresses a key issue in e-commerce, specifically the loss of sales when customers are unable to locate desired items. Research from Google indicates that online shoppers fail to find what they’re searching for 60 per cent of the time, particularly with products that are visually complex or challenging to describe using keywords.

The company aims to bridge this gap by using visual AI to help shoppers communicate their intent more effectively through images. Their AI technology enables users to search by images, offering a potential advantage over traditional keyword-based searches.

“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. At Miros, we’re building a new online shopping experience where you can find a product in less than 60 seconds. Even with products that are so visually complex that words fail us, the shop still understands us. The experience feels magical. Why would I shop anywhere else and spend hours searching for products?” commented Heikki Haldre, Co-Founder and CEO of Miros.

Miros has formed partnerships with major industry leaders

The company (founded in 2021) will use the funding to enhance R&D, further develop the technology, and expand market reach. To date, the company has raised €8M.

Miros has established partnerships with industry giants like SAP, Nvidia, and PwC, demonstrating its credibility and potential for widespread adoption. The company is actively expanding its market reach, focusing on European and US retailers.

“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. At Miros, we’re building a new online shopping experience where you can find a product in less than 60 seconds.”
Heikki Haldre, Co-Founder and CEO of Miro

“As a strong supporter of technology innovation, especially AI, I was particularly impressed by Miros’ ability to address a core challenge in e-commerce – the frustration of not finding what I’m 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 could completely change and revolutionize online shopping globally. I am always thrilled to see Estonian entrepreneurs at the forefront of innovation,” said  former President of Estonia, Toomas Hendrik Ilves.

“We are excited to back Heikki and the 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 see improvements in conversions. By augmenting product discovery with visual search, Miros has the potential to address a fundamental pain point in e-commerce,” added Aziza Zakhidova, Associate Director at EBRD Venture Capital.

The team of 25 is currently based in Tallinn, London, and Lisbon, and is aggressively expanding in the US through partnerships and hiring.

Are you interested in trading with Estonia? Enterprise Estonia is providing sourcing services for foreign enterprises. Contact Estonian export advisors or use our free e-consulting service to start trade with Estonia.