Miros, a startup based in Tallinn Estonia, has raised $6.56 million in a Series A funding round. The investment was led by European venture capital firm SpeedInvest, with additional participation from existing investors such as Change Ventures and Superhero Capital.
Miros specializes in developing advanced visual search technology that enhances the way digital images are used and searched across various industries. The startup's proprietary platform utilizes artificial intelligence to analyze and interpret images more accurately and efficiently than traditional methods. This technology addresses the growing need for sophisticated image recognition in sectors such as e-commerce, digital advertising, and media, helping businesses to better engage with their customers and streamline their operations.
Their technology combines lexical search (exact keyword matching) with semantic search (understanding the intent behind queries) to handle both structured searches, where customers know exactly what they want, and exploratory searches, where customers are browsing or have vague ideas. By analyzing search queries with AI to identify structured and exploratory components, it delivers precise and relevant results quickly. This hybrid approach enhances product findability, improves the shopping experience, and can boost conversion rates and average order values for online retailers.
According to some case studies, clients using their AI-powered search solution have reported increases of up to 19% in gross merchandise volume, 11% in average order value, and 10% in average revenue per user.
The $6.6 million investment will primarily be used to further develop Miros' visual search technology, expand its team, and increase its market presence globally.
