Lenskart acquires AI-based computer vision startup Tango Eye
The company has also been an early investor in Tango, and the acquisition strengthens Lenskarts commitment towards leveraging technology to solve business problems and delight customers, the company said.
Lenskart on Monday announced the acquisition of Tango Eye, an AI-based computer vision startup.
With this acquisition, Lenskart plans to use visual artificial intelligence technology in improving store experience as well as its product experience.
The company has also been an early investor in Tango, and the acquisition strengthens Lenskart's commitment towards leveraging technology to solve business problems and delight customers, the company said.
"We have now extended the technology even to our factory where we are ensuring much more reliable QC standards through AI. I am excited about the partnership with Suren and Tango Eye in helping us redefine consumer experience," Peyush Bansal, co-founder and CEO, Lenskart, said in a statement.
In stores, Tango AI technology analyses CCTV recordings of stores to give analytics, optimise customer flow as well and ensure proper adherence to all processes.
Similarly, in its manufacturing plant, Tango AI technology is helping Lenskart automate quality tests for its lenses and eyeglasses.
"We are now extending our tech beyond retail to improve the reliability of processes across the company. With Lenskart as a partner, we hope to invest a lot more into our technology and talent," said Suren Gounder, founder and CEO of Tango Eye.
Ramneek Khurana, co-founder of Lenskart, also mentioned that "by teaming up with Tango Eye, Lenskart is envisioning a seamless transition between digital and physical touchpoints".
Established in 2010, Lenskart is a tech-enabled startup that has emerged as India's premier eyewear brand. Currently, the company distributes over 10 million eyewear pairs annually, with an impressive 40 million app downloads.
The brand's expansive network encompasses approximately 500 home eye test representatives and 2,000 brick-and-mortar stores spanning India, Singapore, Japan, Thailand, Taiwan, and the Middle East.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.