Computer Vision Startup Tango Eye Raises Fresh Funding From Lenskart
Tango Eye, a software startup, has raised Rs 5 crore in fresh funding from direct-to-consumer (D2C) eyewear brand Lenskart.
As per the startup, the freshly raised funds will be used for product development activities, expansion, and to increase manpower in the technology and business space.
Tango Eye | An AI For An Eye
Founded by Surender Gounder, Tango Eye is a computer vision company that uses AI and ML to convert video data into actionable insights for improved efficiency, increased sales and security at retail storefronts. The AI-based computer vision startup is planning to expand its retail outlets to 10,000 from the current 2,000.
Speaking on the development, Surender Gounder, Founder of Tango Eye, said,
“The fundraise will allow us to add new features to the product, enabling our customers to embark on the phygital journey and harness in-store technology. We are looking at 10x growth in the next 12 months. We are in conversation for additional funding.”
Founded by Peyush Bansal, Lenskart is a Delhi-based omnichannel eyewear retailer that sells eyeglasses, contact lenses and sunglasses online and through around 750 retail outlets across India.
The Delhi-based omnichannel eyewear retailer currently serves over seven million customers annually through its omnichannel shopping experience, including an online store, a mobile app, and over 800 omnichannel storefronts in 175 locations.
In June 2021, Lenskart launched ‘Lenskart Vision Fund‘ having a corpus of around $20 million and will invest in the area of eye testing technologies, omnichannel technology solutions across in-store automation, supply chain, merchandising, logistics, marketing, and deep tech solutions for eyewear, retail and eCommerce.
Additionally, in a bid to enhance its technology and innovation capability, Lenskart aqui-hired Hyderabad-based essentials delivery startup DailyJoy in April 2021.
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