AI Video Analytics company Tango Eye Receives Backing from Lenskart

Team StartupcityTango Eyes, an AI based video analytics company announced on Wednesday that it has received an undisclosed amount as seed funding from Lenskart, eyewear retailer which entered the elite unicorn club last year.

Additional participants in the current round of funding were RiSo capital, Silicon Valley-based seed fund and angel investor Gaurav Gulati, Co-founder, Innov8. In a statement the company said that the fresh round of funds will be used to help scale up its outlets to 10,000 in addition to expanding the product features.

Peyush Bansal, Lenskart CEO and Co-founder, said: “Lenskart has
always been at the forefront of leveraging technology to enhance its offerings for customers. AI Computer Vision is an important area for us and there are a lot of possibilities here - smart merchandising, smart search, safety, standards, and much more.

With Surender, we intend to leverage AI and Computer Vision to take customer experience to the next level.” In a statement Tango Eye said that the investment will enable Lenskart to enhance customer experience, security and safety protocols in stores, and merchandising placement, among others.

Founded in 2018, Tango Eye converts CCTV footage into actionable insights using AI and computer vision. Its AI product modules are aimed at helping improve retail experience, efficiency, safety and security. Tango Eye’s products were especially helpful during the Covid 19 crisis and helped companies stay vigilant about people following SOPs. The company’s product Tango Eye Security helped retailers ensure social distancing, mask compliance, occupancy limits, cleaning & sanitation compliance among other variables.

“Tango Eye - AI video analytics solution is an immensely powerful tool which businesses across sectors can use to gain a deep understanding of the consumer. I am excited about the possibilities and look forward to supporting the Tango Eye team in their journey,” said Gaurav Gulati, Co-founder, Innov8.