Miros: Revolutionizing Online Shopping with €6M in New Funding
November 5, 2024, 9:35 pm
Location: United States, California, Palo Alto
Employees: 10001+
Founded date: 1972
In the bustling world of e-commerce, finding the right product can feel like searching for a needle in a haystack. Enter Miros, a Tallinn-based startup that has just raised €6 million in pre-Series A funding. This fresh capital, led by EBRD Venture Capital and Tera Ventures, brings Miros’ total funding to €8 million. The company is on a mission to transform the online shopping experience through cutting-edge visual search technology.
Miros leverages artificial intelligence to analyze images and understand consumer preferences. It’s like having a personal shopper who knows your taste without you saying a word. The technology allows users to communicate their desires through their browsing behavior. It’s intuitive, seamless, and, most importantly, fast. The goal? To help shoppers find their desired products in less than a minute.
The funding will be used to enhance research and development, expand operations, and penetrate deeper into the European and US retail markets. Miros is not just about raising money; it’s about building a future where shopping is less about scrolling and more about discovering. The company has already partnered with industry giants like SAP, NVIDIA, and PwC, showcasing its potential to revolutionize the retail landscape.
Founded by Heikki Haldre, Miros is expanding its technology beyond fashion. The company is eyeing sectors like footwear, furniture, and home décor. The ambition is clear: to create a universal visual search tool that transcends categories. Imagine browsing for a couch and finding the perfect one without typing a single word. That’s the magic Miros aims to deliver.
The startup's team of 25 is strategically positioned across Tallinn, London, and Lisbon. They are aggressively expanding into the US market, focusing on partnerships and hiring. This expansion is not just about growth; it’s about creating a robust ecosystem that enhances the shopping experience for consumers and retailers alike.
The visual search technology at Miros is impressive. It recognizes shopping patterns and mirrors user preferences. This means that the more you shop, the better the system understands you. It’s like having a friend who knows your style and can suggest the perfect items before you even think of them. This capability could significantly improve product discovery and conversion rates for retailers.
The e-commerce landscape is crowded. Many retailers struggle with high bounce rates and low conversion rates. Miros addresses these pain points head-on. By augmenting traditional search methods with visual recognition, it offers a more intuitive shopping experience. Retailers can benefit from improved customer engagement and increased sales. It’s a win-win situation.
Miros’ approach is timely. As online shopping continues to grow, so does the need for innovative solutions that enhance user experience. Consumers are tired of endless scrolling and searching. They want efficiency. Miros delivers that efficiency with a sprinkle of magic. The technology is designed to simplify the shopping journey, making it enjoyable rather than frustrating.
The company’s vision is ambitious. It aims to redefine how consumers interact with online retail. By focusing on visual search, Miros is tapping into a fundamental challenge in e-commerce: the difficulty of finding products. The current search engines often fall short, leaving users frustrated. Miros seeks to change that narrative.
Investors are taking notice. The participation of notable figures, including former Estonian President Toomas Hendrik Ilves, underscores the potential of Miros. His investment reflects confidence in the startup’s ability to innovate and lead in the tech space. The backing from EBRD Venture Capital and Tera Ventures further solidifies Miros’ position as a key player in the visual search market.
The future looks bright for Miros. With the new funding, the company is poised to enhance its technology and expand its reach. The focus on the US market is particularly strategic, given the size and competitiveness of the e-commerce sector there. Miros is not just another startup; it’s a beacon of innovation in a crowded field.
As Miros continues to develop its technology, the potential applications are vast. Beyond retail, the visual search capabilities could be adapted for various industries, from real estate to travel. The ability to recognize and recommend products based on images opens doors to new possibilities.
In conclusion, Miros is more than just a startup; it’s a game-changer in the world of online shopping. With €6 million in new funding, the company is set to enhance its technology and expand its market presence. The vision is clear: to create a shopping experience that is fast, intuitive, and enjoyable. As the e-commerce landscape evolves, Miros stands ready to lead the charge, transforming how consumers discover and purchase products. The future of shopping is here, and it looks promising.
Miros leverages artificial intelligence to analyze images and understand consumer preferences. It’s like having a personal shopper who knows your taste without you saying a word. The technology allows users to communicate their desires through their browsing behavior. It’s intuitive, seamless, and, most importantly, fast. The goal? To help shoppers find their desired products in less than a minute.
The funding will be used to enhance research and development, expand operations, and penetrate deeper into the European and US retail markets. Miros is not just about raising money; it’s about building a future where shopping is less about scrolling and more about discovering. The company has already partnered with industry giants like SAP, NVIDIA, and PwC, showcasing its potential to revolutionize the retail landscape.
Founded by Heikki Haldre, Miros is expanding its technology beyond fashion. The company is eyeing sectors like footwear, furniture, and home décor. The ambition is clear: to create a universal visual search tool that transcends categories. Imagine browsing for a couch and finding the perfect one without typing a single word. That’s the magic Miros aims to deliver.
The startup's team of 25 is strategically positioned across Tallinn, London, and Lisbon. They are aggressively expanding into the US market, focusing on partnerships and hiring. This expansion is not just about growth; it’s about creating a robust ecosystem that enhances the shopping experience for consumers and retailers alike.
The visual search technology at Miros is impressive. It recognizes shopping patterns and mirrors user preferences. This means that the more you shop, the better the system understands you. It’s like having a friend who knows your style and can suggest the perfect items before you even think of them. This capability could significantly improve product discovery and conversion rates for retailers.
The e-commerce landscape is crowded. Many retailers struggle with high bounce rates and low conversion rates. Miros addresses these pain points head-on. By augmenting traditional search methods with visual recognition, it offers a more intuitive shopping experience. Retailers can benefit from improved customer engagement and increased sales. It’s a win-win situation.
Miros’ approach is timely. As online shopping continues to grow, so does the need for innovative solutions that enhance user experience. Consumers are tired of endless scrolling and searching. They want efficiency. Miros delivers that efficiency with a sprinkle of magic. The technology is designed to simplify the shopping journey, making it enjoyable rather than frustrating.
The company’s vision is ambitious. It aims to redefine how consumers interact with online retail. By focusing on visual search, Miros is tapping into a fundamental challenge in e-commerce: the difficulty of finding products. The current search engines often fall short, leaving users frustrated. Miros seeks to change that narrative.
Investors are taking notice. The participation of notable figures, including former Estonian President Toomas Hendrik Ilves, underscores the potential of Miros. His investment reflects confidence in the startup’s ability to innovate and lead in the tech space. The backing from EBRD Venture Capital and Tera Ventures further solidifies Miros’ position as a key player in the visual search market.
The future looks bright for Miros. With the new funding, the company is poised to enhance its technology and expand its reach. The focus on the US market is particularly strategic, given the size and competitiveness of the e-commerce sector there. Miros is not just another startup; it’s a beacon of innovation in a crowded field.
As Miros continues to develop its technology, the potential applications are vast. Beyond retail, the visual search capabilities could be adapted for various industries, from real estate to travel. The ability to recognize and recommend products based on images opens doors to new possibilities.
In conclusion, Miros is more than just a startup; it’s a game-changer in the world of online shopping. With €6 million in new funding, the company is set to enhance its technology and expand its market presence. The vision is clear: to create a shopping experience that is fast, intuitive, and enjoyable. As the e-commerce landscape evolves, Miros stands ready to lead the charge, transforming how consumers discover and purchase products. The future of shopping is here, and it looks promising.