Eyewear retailer Lenskart has acquired Chennai-based TangoEye, an AI-based computer vision startup, which analyses CCTV recordings of stores to provide analytics, optimise customer flow and ensure proper adherence to all processes.With this acquisition, Lenskart, which has been an early investor in the startup, plans to use visual AI technology in improving store experience as well as its product experience.TangoEye had raised $500,000 led by Lenskart, Riso Investments and Gaurav Gulati in October 2020.
“At Lenskart, our strategy has always been to use technology to deliver a reliable and delightful customer experience at scale, and the Tango AI technology allows us to do exactly this. We have now extended the technology even to our factory, where we are ensuring much more reliable QC standards through AI,” said Peyush Bansal, co-founder and CEO, Lenskart.
Suren Gounder, founder and CEO Tango Eye said, “We are now extending our tech to beyond retail to improve reliability of processes across the company. With lenskart as a partner, we hope to invest a lot more into our technology and talent”. In June 2022, Lenskart had acquired a majority stake in Japan’s D2C eyewear brand Owndays, which xpanded the company’s presence into 13 markets in Asia, including Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan, employing 500 home eye test representatives, and operating 2,000 brick-and-mortar stores.
In September, Lenskart-backed House of Brands startup Neso Brands, had acquired a stake in a Paris based omni-channel eyewear brand, Le Petit Lunetier, for $4 million. Equipped with TangoEye’s AI capabilities, Neso and Lenskart’s operational teams will roll out predictive analytics based features throughout Le Petit Lunetier’s retail stores.Lenskart which is currently present in 223 cities pan India
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