[Funding alert] Lenskart invests in AI video analytics startup Tango Eye

Tango Eye, a Chennai-based AI video analytics startup that converts CCTV data into actionable insights, has raised an undisclosed amount of seed funding led by Delhi-based eyewear retailer Lenskart, which entered the elite unicorn club last year. Silicon Valley-based seed fund RiSo capital and angel investor Gaurav Gulati, Co-founder, Innov8 (acquired by Oyo) also participated in the round. Currently implemented at about 1,000 outlets, the startup said the new funding will help scale to 10,000 outlets in addition to expanding the product features. In a release, Tango Eye said that this investment will enable Lenskart to enhance customer experience, security and safety protocols in stores, and merchandising placement, among others. Founded in 2018, Tango Eye uses AI and Computer Vision to deliver a SaaS solution that utilises existing CCTV cameras to measure social distancing, improve sales conversion, optimise product placement and monitor SOPs across retail outlets.