Hopping on to the AI (artificial intelligence) bandwagon, omnichannel eyewear retailer Lenskart on Monday announced it will acquire Tango Eye, an AI based computer vision startup.
The Chennai-based startup already counts Lenskart as an investor. Deal details were not disclosed.
The startup helps retail stores to improve efficiency, increase sales and security, by converting video data into actionable insights.
The startup, which already works with the eyewear retailer, uses AI to analyse CCTV footage from its stores and uses it to optimise customer flow and to ensure proper adherence to all processes. The startup is also helping Lenskart automate quality testing at its manufacturing plants.
“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,” said Peyush Bansal, cofounder and CEO of Lenskart.
The startup aims to create a Retail Web Services (RWS) to encompass all activities that require monitoring and provide insights about a retail store ensuring maximum revenue per square foot.
“As a founder, I’m proud to say that 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. 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,” Suren Gounder, founder & CEO of Tango Eye, said.
With this acquisition, Lenskart plans to use visual AI technology in improving store experience as well as its product experience.
“This strategic move marks a significant milestone in Lenskart’s journey towards revolutionising the retail industry. By teaming up with Tango Eye, Lenskart is envisioning a seamless transition between digital and physical touchpoints, ” added Ramneek Khurana, cofounder, Lenskart.
