Lenskart acquires TangoEye for AI-driven in-store improvements
What's the story
Eyewear retailer Lenskart has purchased artificial intelligence-driven computer vision start-up TangoEye to enhance in-store and product experiences. Lenskart is an existing investor in TangoEye, which analyzes store CCTV footage for providing valuable analytics, optimizes customer flow and ensures proper adherence to all processes. This acquisition will enable Lenskart to automate quality testing for lenses and eyeglasses at its manufacturing facilities.
Insights
Leveraging AI to redefine customer experience
Lenskart will be leveraging TangoEye's AI technology to automate the quality testing of lenses and eyeglasses within their manufacturing facility. "At Lenskart, our strategy has always been to use technology to deliver a reliable and delightful customer experience at scale, and the Tango AI technology allows us to do exactly this. We have now extended the technology even to our factory, where we are ensuring much more reliable QC standards through AI," said Peyush Bansal, co-Founder and CEO of Lenskart.
Details
TangoEye's technology to be used in Le Petit Lunetier stores
In a related development, Lenskart-supported House of Brands venture Neso Brands acquired a stake in Paris-based omnichannel eyewear brand Le Petit Lunetier for $4 million (Rs. 33.3 crore) in September. Following this investment, Neso and Lenskart's operational teams will aid in implementing predictive analytics technology across Le Petit Lunetier's retail stores, powered by TangoEye. The cloud-based retail analytics software employs AI, computer vision, and deep learning technology to facilitate high customer engagement and sales conversion in brick-and-mortar stores.
What Next?
Expansion of TangoEye's technology beyond retail
TangoEye's founder and CEO, Suren Gounder, expressed enthusiasm about expanding their technology beyond retail to enhance the dependability of processes throughout the company. Gounder anticipates investing more in technology and talent with Lenskart as a partner. The venture's dedicated in-house tech team will spearhead the integration of TangoEye's technology as a central component of the company's strategy to develop tech-enhanced omnichannel brands.
Insights
Lenskart's previous acquisitions and investments
In 2022, Lenskart acquired Japanese eyewear brand Owndays for a reported $400 million (Rs. 3,330.15 crore). The company also secured $500 million (Rs. 4,262.67 crore) from a subsidiary of the government-linked Abu Dhabi Investment Authority earlier this year. Ramneek Khurana, Lenskart's co-founder, envisions a smooth integration between digital and physical touchpoints through the collaboration with TangoEye.