Miros, a technology company focused on image analysis software for product preferences, raises €6 million in pre-Series A funding to enhance its AI capabilities and expand its market presence in Europe and the US.
Miros Secures €6 Million in Pre-Series A Funding to Revolutionise E-Commerce Experience
Miros, a cutting-edge technology company specialising in image analysis software for profiling individual product preferences, has announced the successful closing of a €6 million pre-Series A funding round. The investment was spearheaded by EBRD Venture Capital and Tera Ventures, with notable participation from former Estonian President Toomas Hendrik Ilves as an angel investor. The total funding raised by Miros to date amounts to €8 million.
Headquartered with teams in Tallinn, London, and Lisbon, Miros plans to utilise this significant financial injection to augment its research and development capabilities, refine its technology, and broaden its market presence. The company is particularly focused on expanding its footprint within European and US retail markets through strategic partnerships and recruitment efforts.
Miros employs advanced artificial intelligence (AI) to map shopping preferences, aiming to improve product discovery and customer conversion rates. By analysing shopping patterns, Miros’ technology strives to predict user desires and facilitate a more efficient matching process between consumers and products.
The company has already established influential partnerships with corporate entities such as SAP, Nvidia, and PwC. These collaborations signify Miros’ strategy to integrate and bolster its presence in the competitive e-commerce landscape.
The Co-Founder and CEO of Miros, Heikki Haldre, elaborated on the company’s mission: “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 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.”
Aziza Zakhidova, Associate Director at EBRD Venture Capital, expressed enthusiasm about the investment, praising Miros’ potential to enhance the e-commerce experience. Zakhidova highlighted the dual benefits of Miros’ visual search technology: an intuitive shopping experience for consumers and improved conversion rates for retailers.
Former President Toomas Hendrik Ilves shared his motives for investing, stating, “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.” Ilves was quick to decide on his investment after witnessing the transformative potential of Miros’ AI-powered visual search during a brief demonstration.
As Miros continues to innovate and expand, the company is poised to play a pivotal role in redefining how consumers interact with online retail platforms, promising a future where finding the right product is less about chance and more about tailored discovery.
Source: Noah Wire Services
