Multi-channel eyewear brand Lenskart has acquired AI-based computer vision startup TangoEye. Chennai-based Tango Eye had previously raised $500K led by Lenskart, Riso Investments and Gaurav Gulati in October 2020.
With this acquisition, Lenskart plans to use visual artificial intelligence technology to improve store experience as well as its product experience.
Founded in 2018 by Surender Gounder, TangoEye helps retail stores improve efficiency, increase sales and security by converting video data into actionable insights. It offers products like retail eye, footfall analytics, sentiment & feedback analytics, product placement, manager eye, attendance, efficiency, secure eye and an active alert on suspicious behaviour.
In June 2022, Lenskart bought a majority stake in Japan’s Owndays. In September, Lenskart’s subsidiary Neso Brands also acquired a minority stake in Paris-based omnichannel eyewear brand Le Petit Lunetier.
Lenskart claims to encompass 500 home eye test representatives and 2,000 brick-and-mortar stores spanning across India, Singapore, Japan, Thailand, Taiwan and the Middle East. The company raised $500 million in March followed by a $100 million round in June.