Lenskart, an omnichannel eyeglasses shop, has joined the AI (artificial intelligence) bandwagon by announcing the acquisition of Tango Eye, an
AI-based computer vision firm. Lenskart is already a backer of the Chennai-based firm. The terms of the transaction 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, as per economic times.
“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's goal is to build a
Retail Web Services (RWS) platform that will monitor all actions in a retail shop and deliver insights to ensure maximum income 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 purchase, Lenskart intends to leverage visual
AI technologies to improve both retail and product experiences.
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