Editor’s Note: In the rapidly evolving world of e-commerce, the application of visual AI is reshaping how consumers interact with online marketplaces. Tallinn-based Miros is emerging as a leader in this innovative space, driven by its mission to streamline product discovery through visual search solutions. Their recent €6 million pre-Series A funding, backed by EBRD Venture Capital and Tera Ventures, positions Miros to expand its technology and reach, fostering a more intuitive shopping experience. This significant investment highlights the transformative power of AI in addressing a longstanding challenge: helping customers find products efficiently and engagingly. For professionals in cybersecurity, information governance, and eDiscovery, understanding such advancements offers valuable insights into how AI is redefining digital interactions and market dynamics.
Industry News – Artificial Intelligence Beat
Tallinn’s Miros Secures €6M to Advance Visual Search Technology
ComplexDiscovery Staff
In the competitive sphere of e-commerce, visual AI technology is redefining product discovery. Tallinn-based Miros is at the forefront, utilizing advanced visual search driven by AI to address obstacles in customer engagement and online sales. Recently securing €6 million in a pre-Series A funding round, led by EBRD Venture Capital and Tera Ventures, Miros aims to revolutionize the shopping experience by enabling visual rather than text-based product searches. This funding will bolster their technology, expand their market footprint, and enhance research and development efforts.
The impediment of product loss due to textual search inadequacies is a $2 trillion global issue, particularly when online shoppers are unable to articulate search terms precisely. According to Google research, 60% of online shoppers fail to locate their desired items, often attributed to the complex and visually-oriented nature of products. Miros leverages AI to interpret visual cues, thus enabling users to discover products faster than traditional search methods. Heikki Haldre, Co-Founder and CEO of Miros, emphasizes this transformation, stating, “The world doesn’t lack products. Finding them is the problem. At Miros, we’re building the new online shopping experience.”
By recognizing shopping patterns and interpreting user intent from product images, Miros matches the efficiency of detail-oriented human observation. Their success is evidenced by retail clients experiencing significant growth, such as a 3.6% increase in gross merchandise value for Jomashop, a high-end goods retailer in the U.S. This demonstrates Miros’ commitment to transforming e-commerce landscapes, particularly within visually-intensive product categories.
Notable endorsements include former Estonian President Toomas Hendrik Ilves, who notes Miros’ innovative capability to ameliorate the frustrations endemic to conventional search engines. “I am always thrilled to see Estonian entrepreneurs at the forefront of innovation,” Ilves asserts. Such support underscores Miros’ potential to globally redefine visual commerce, combining technical expertise with strategic leadership to spearhead industry advancements.
On a practical level, Miros’ alliance with significant industry players like SAP, Nvidia, and PwC fortifies their market position and enhances technological growth. Such collaborations are expected to facilitate extensive adoption of Miros’ technology among European and U.S. retail markets.
Moreover, the partnership with a leading luxury goods retailer further testifies to the tangible benefits of Miros’ AI-driven approach. With visual AI technology, Miros strengthens the e-commerce environment by overcoming language barriers, alleviating the complexity of searches, and promising transactions in under 60 seconds. This efficiency facilitates a higher likelihood of customer engagement and conversion, setting competitive standards for online retailers.
Though the global landscape presents numerous challenges, such as the ongoing fundraising difficulties in Europe, Miros’ strategic vision and proven results indicate a promising trajectory. As Miros shifts its headquarters to the U.S. in preparation for a substantial Series A funding round, projected to surpass €20 million, its focus remains on harnessing AI for bespoke consumer experiences and heightened retail innovation.
Miros exemplifies the integration of AI within online retail, mirroring a broader industry trend where individualized, visual search is becoming increasingly essential. The potential for AI-enhanced e-commerce to transform digital marketplaces is steadily unveiling, with Miros poised to lead this evolution in visual commerce technology.
News Sources
- Visual AI e-commerce search startup Miros raises €6M
- AI Firms Join eCommerce Giants to Improve Shopper Conversion
- Visual search technology startup Miros raises €6 million as it looks to expand market reach
- Estonian startup gets €6M funding boost to transform e-commerce with AI-powered visual search
- 88% of consumers make purchasing decisions using AI, study finds
Assisted by GAI and LLM Technologies
Additional Reading
- The Dual Impact of Large Language Models on Human Creativity: Implications for Legal Tech Professionals
- AI Regulation and National Security: Implications for Corporate Compliance
Source: ComplexDiscovery OÜ
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