Lenskart acquires AI-driven computer vision startup Tango Eye
Lenskart has been an early investor in Tango Eye. The acquisition aims to enable a smooth transition between digital and physical touchpoints at Lenskart.
Eyewear brand has acquired artificial intelligence (AI)-driven computer vision startup, , to enhance the in-store and product experiences through visual AI technology.
The Chennai-based startup’s AI technology analyses CCTV recordings in stores to provide analytics, optimise customer flow, and ensure process compliance. It also assists Lenskart to automate quality tests for lenses and eyeglasses in its manufacturing plant.
“At Lenskart, our strategy has always been to use technology to deliver reliable and delightful customer experience at scale, and the Tango AI technology allows us to do exactly this,” Peyush Bansal, Co-founder and CEO of Lenskart, said.
Lenskart has been an early investor in Tango Eye. Its acquisition will help create a smooth transition between digital and physical touchpoints, according to Lenskart Co-founder Ramneek Khurana.
The AI startup converts video data into actionable insights for retail stores, enhancing efficiency, sales, and security without requiring significant capital investment.
“We've built the best-in-class computer vision product that harnesses the advances of AI and solves real-world problems for retailers, helping them improve conversions across many brands and stores today,” Surender Gounder, Founder and CEO of Tango Eye, remarked.
He added that the startup is expanding its technology beyond retail, and with Lenskart as a partner, it aims to make investments in its technology and talent.
Founded in 2010, Lenskart is an omnichannel eyewear retailer operating in India, the US, Singapore, and other countries. Its acquisition of Japan-based Owndays last year further expanded its presence in Japan and Southeast Asian markets.
Lenskart, including Owndays, operates a network of over 2,000 stores in 10 countries, serving a total addressable market valued at over $20 billion.
In June, the Peyush Bansal-led firm secured $100 million in funding from ChrysCapital, bringing its total capital infusion to $850 million in the past year. The eyewear startup’s $500 million funding from the Abu Dhabi Investment Authority in March pushed its valuation to over $4.5 billion.
Edited by Kanishk Singh