Estonian e-commerce search tool Miros raises €6M

Estonian startup Miros, which has developed an AI-powered search tool for e-commerce, has raised €6M. The round was led by EBRD VC (the venture investment arm of the European Bank for Reconstruction and Development), Estonian Tera Ventures with participation from the former Estonian President Toomas Hendrik Ilves, Budapest-based Day One Capital, and Turkish Metis Ventures.

Founded in Tallinn in 2018 by Diana Saarva, Heikki Haldre, and Paul Pallin, Miros has developed an AI-powered visual language for e-commerce search. Their technology is designed to recognize customers’ browsing behavior and help them find the intended item. Miros offers wordless and semantic search tools. Wordless search can be implemented if customers want to buy clothes, furniture, or art and do not remember its name. To find what they need, the shoppers can click and scroll, selecting items that closely resemble what they are looking for. A semantic search tool associates a wide range of keywords with products, without requiring manual tagging. The search works in any language.

Miros will use the investment to increase research and development, continue advancing the technology, and expand its market reach, with a focus on European and US retailers.

Miros’s partners include SAP, Nvidia, PwC, and others. The company employs 25 people, and it has offices in Tallinn, London, and Lisbon.  

According to Toomas Hendrik Ilves, it took him 17 minutes to decide whether to invest in Miros when he saw how its AI-powered visual search technology worked.

In 2022, the startup raised €2,1M from Estonian Tera VC and Specialist VC, Czech Zaka VC and incubator AISI, and others. 

Tera Ventures is an international investment firm based in Estonia. The founding partners are Andrus Oks and Stanislav Ivanov. Tera Ventures invests €45M from its second fund in startups from the Baltics states, Denmark, Sweden, Finland, Poland, and the Czech Republic.