Estonian AI powered e-commerce search platform Miros has raised a €6 million pre-Series A investment. The round was backed by EBRD Venture Capital and Tera Ventures. Former Estonian President Toomas Hendrik Ilves also participated in the round as an angel investor. The company shared details with AIN.

About Miros 

Miros was founded in 2019 by Heikki Haldre, Paul Pallin and Mart Parve. The company is currently based in Tallinn, London, and Lisbon, and is aggressively expanding in the US through partnerships and hiring.

  • Miros is an AI-powered search and discovery solution tailored for e-commerce, particularly in visually-driven verticals like fashion and furniture. 

  • Miros offers seamless, cookie and tags free, language-agnostic product discovery that enhances engagement and boosts conversions. Its Wordless Search feature allows customers to click and browse, with AI refining results in real-time for more accurate, nuanced searches.

  • Miros’ clients have seen revenue increases of over 31% and 90% in customer loyalty verus incumbent solutions. 

“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. Why would I shop anywhere else and spend hours searching for products?” Heikki Haldre, Co-Founder and CEO at Miros, commented.

  • The company collaborates with top-tier AI and e-commerce experts from industry leaders like Rakuten, Zalando, and Bolt. The company also has partnerships with iCV Lab, SAP, NVIDIA, and PwC.

Investment details

The additional funding from EBRD brings the total round to €6. The financing was backed by EBRD Venture Capital and Tera Ventures. Also, the former Estonian president Toomas Hendrik Ilves participated in the round as an angel investor. Existing investors Day One Capital and Marc Lamik, former Head of Innovation of Innovation at Zalando also participated alongside new investors Specialist VC, Zaka VC, Bad Ideas Fund and Vesna Captial.

  • EBRD VC is a venture investing arm of the European Bank for Reconstruction and Development, investing in early and growth stage technology companies across all verticals. Their tickets range from €2 million to €25 million over the lifetime of an investment.

  • Tera Ventures is an international investment firm based in Tallinn and Los Angeles. It is investing in seed-stage startups from the Baltics, Scandinavia, and CEE out of its 2nd Fund worth €45 million. Tera helps some of Europe’s most disruptive technology companies scale and become global leaders. 

Miros will use the funding to enhance R&D, further develop the technology, and expand market reach. To date, the company has raised a total of €8 million. 

Last year we had a conversation with Andrus Oks, a Founding Partner at Tera Ventures, who told us about the fund’s activities and plans. You can read the full interview here.