The European Bank for Reconstruction and Development (EBRD), through its venture capital arm, has spearheaded a €6 million pre-Series A funding round for Miros, an Estonian company specializing in AI-driven visual search technology for e-commerce. This investment, marking EBRD's first venture capital initiative in Estonia, was co-led with Tera Ventures and included participation from existing investors Day One Capital and Metis Ventures, as well as angel investors like former Estonian President Toomas Hendrik Ilves. EBRD Miros's innovative platform enables online shoppers to search for products using images instead of text, enhancing the user experience by identifying key features through analysis of browsing behavior and interactions with product images. This approach addresses the limitations of traditional text-based searches, which often result in retailers losing over 50% of potential customers due to inadequate product tagging and inefficient scrolling interfaces. EBRD In comparative tests on selected retailer websites, Miros's visual search tool outperformed established search engines like Google and Algolia, particularly for complex products such as fashion items and furniture. EBRD The EBRD's investment will support Miros in further developing its product and expanding its market reach into the United States. Aziza Zakhidova, Associate Director in the EBRD’s Venture Capital team, expressed enthusiasm about the partnership, stating, "We are excited to collaborate with Miros as it enhances its AI-based visual search solution for e-commerce. The product not only offers an intuitive shopping experience for consumers but also delivers tangible returns for retailers worldwide. This investment highlights the innovative spirit emerging from the Estonian tech landscape." EBRD Heikki Haldre, co-founder and CEO of Miros, emphasized the company's mission to transform online shopping: "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 crafting a new online shopping paradigm, enabling users to find products in under 60 seconds—even when words fail to describe the complexity of what they're seeking. The experience feels almost magical. Why would anyone choose to shop elsewhere and waste time searching?" EBRD EBRD Venture Capital, with a fund size of €250 million, focuses on investing in early and growth-stage technology companies led by talented teams from Central and Eastern Europe and beyond.