Company: Miros
Founder: Heikki Haldre
Website: https://miros.ai/
About Miros
Miros is a category-defining solution that lets shoppers find hard-to-describe visual products – by thinking about them. It solves the number one reason shoppers leave without a purchase – their inability to find the right product.
After our founders, Heikki Haldre, Diana Saarva and Paul Pallin, solved the clothing sizing problem with their previous startup Fits.me, and sold it to Rakuten, they realised there’s a much bigger problem at play. Online shoppers can’t find what they’re looking for 9 out of 10 times. Especially when it comes to visually complex products that are hard to describe using words and categories.
So in 2019, they founded Miros by gathering the brightest AI and e-commerce minds from Rakuten, Zalando, and Bolt and by partnering with Europe’s top 1% computer vision AI research institution iCV Lab (research funded by EU’s innovation programs).
The technology came to life thanks to Miros team’s research into decoding human behaviour by developing a new multilingual multimodal image-text search for fashion items.
During a normal search, customers process around half a million to a million visual parameters. If a consumer types a search query, it would be 300 characters per minute compared to 100,000 inputs received by the computer just through the shoppers’ browsing behaviour.
The magnitude of the visual search offers a large communication bandwidth between the customer and the computer through visual exploration.
Miros has a unique approach – it goes beyond visual similarity tools that rely on existing metadata and uses AI to grasp the shopper’s intent, leading to more accurate and dynamic product recommendations. It provides impressive metrics for its clients, including a 19% increase in GMV, a 4.8x conversion rate boost, and a 90% customer loyalty improvement.
Miros has established partnerships with industry giants like SAP, NVIDIA, and PwC, demonstrating its credibility and potential for widespread adoption. Renowned investors like Techstars, Tera, and Day One Capital support Miros, signifying the technology’s potential to disrupt the market.
Miros is expanding beyond fashion e-commerce, targeting new verticals like furniture and footwear. Its AI-powered context understanding and intent recognition, coupled with its proven results and strong partnerships, positions the company as a leader in the next generation of e-commerce search solutions ahead of competitors like traditional text-based search engines and visual similarity tools.
Check out what TechRound can do for your business: SEO, PR, HR Software, Payroll Software, IT, VoIP.
