[Funding alert] Lenskart invests in AI video analytics startup Tango Eye
, a Chennai-based AI video analytics startup that converts CCTV data into actionable insights, has raised an undisclosed amount of seed funding led by Delhi-based eyewear retailer , which entered the elite unicorn club last year.
Silicon Valley-based seed fund RiSo capital and angel investor Gaurav Gulati, Co-founder,(acquired by ) also participated in the round.
Currently implemented at about 1,000 outlets, the startup said the new funding will help scale to 10,000 outlets in addition to expanding the product features.
“Our aim is to be the best-in-class AI company developing impactful software for retailers and brick and mortar operators,” said Surender Gounder, Founder and CEO, Tango Eye.
In a release, Tango Eye said that this investment will enable Lenskart to enhance customer experience, security and safety protocols in stores, and merchandising placement, among others.
Peyush Bansal, Lenskart CEO and Co-founder, said:
“Lenskart has always been at the forefront of leveraging technology to enhance its offerings for customers. AI Computer Vision is an important area for us and there are a lot of possibilities here - smart merchandising, smart search, safety, standards, and much more. With Surender, we intend to leverage AI and Computer Vision to take customer experience to the next level.”
Founded in 2018, Tango Eye uses AI and Computer Vision to deliver a SaaS solution that utilises existing CCTV cameras to measure social distancing, improve sales conversion, optimise product placement and monitor SOPs across retail outlets.
The startup helps retailers with merchandising, product placement, and to implement and track SOPs such as staff attendance, regular cleaning and sanitisation, social distancing among others.
“Tango Eye - AI video analytics solution is an immensely powerful tool which businesses across sectors can use to gain a deep understanding of the consumer. I am excited about the possibilities and look forward to supporting the Tango Eye team in their journey,” said Gaurav Gulati, Co-founder, Innov8.