Miros, a startup founded in 2021 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. The new funding brings Miros’ total raised capital to €8 million, with plans to support further R&D, technology development, and market expansion.
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. Miros aims to bridge this gap by using visual AI to help shoppers communicate their intent more effectively through images.
Heikki Haldre, Co-Founder and CEO of Miros, commented, “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?”
Enhancing product discovery and conversion
Miros’ visual AI technology enables users to search by images, offering a potential advantage over traditional keyword-based searches. According to Miros, its clients report improved product discovery and conversion rates, with some seeing revenue increases and growth in customer retention. For example, Jomashop, a luxury goods retailer in the US, reported a 3.6 per cent increase in gross merchandise value (GMV) and a 1.3 per cent rise in average order value (AOV) after implementing Miros’ solution.
Isaac Montaine, VP of Product Management at Jomashop, said: “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.”
Confidence in visual search potential
Former President of Estonia, Toomas Hendrik Ilves, commented: “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.”
Aziza Zakhidova, Associate Director at EBRD Venture Capital, added: “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.”
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.
Read the orginal article: https://www.eu-startups.com/2024/11/london-based-miros-secures-e6-million-to-reimagine-visual-search-technology/
