Lenskart Invests In AI Video Analytics Startup Tango Eye

• Tango Eye is a Chennai-based AI video analytics startup that offers enterprises to get insights on customer behavior by analysing their store videos.
• The startup will use this fresh capital to scaleup their outlets and product expansion across the country.

Chennai-based AI video analytics startup Tango Eye raised an undisclosed amount of funding in its Seed funding round led by optical eyewear retail chain company Lenskart.

Other investors, including US-based early-stage investment firm Riso Investments and Gaurav Gulati (individual investor), also participated in this funding round.

According to the Crunchbase report, The startup has raised $500K (Rs 3.6 crore) from Lenskart and other included investors.

The startup will use this fresh capital to expand its presence, improving product development, business development, and to scale their outlets across the country.

Before this investment, The startup had raised $136K (Rs 1 crore) in its Seed funding round from Credit Suisse’s Pankaj Kapoor and Temasek’s Siddhartha Pisharody.

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“We aim to be the best-in-class AI company developing impactful software for retailers and brick and mortar operators,” said Surender Gounder, (Founder & CEO of Tango Eye).

“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," said Peyush Bansal (Co-founder & CEO of Lenskart).

According to the Cision report, The video analytics market is expected to grow from $3.23 billion in 2018 to $8.55 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 21.5% during the forecast period.

About Tango Eye - Tango Eye is a Chennai-based AI video analytics startup founded in 2018 by Peyush Bansal and Surender Gounder. The startup uses AI and Machine learning to convert CCTV camera footages to get insights on customer behavior for improving efficiency, increase sales conversion, and security at retail stores.

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