Eyewear brand Lenskart has invested ?5 crores in video analytics SaaS start-up Tango Eye through the Lenskart Vision Fund. Further, Lenskart plans to invest up to $20 million in companies dealing in eyewear, eye-care and omnichannel retail sectors.

Tango Eye, a computer vision company, helps retail stores improve their sales, efficiency, and security by converting video data into actionable insights. The Chennai-based start-up will utilise the funds to expand its reach to a larger customer base worldwide. The funds will also be used to improve the company’s product features along with hiring tech and business development professionals.

Tango Eye plans to grow from 2,000 retail stores to 10,000 retail outlets. Suren Gounder, Founder and CEO of Tango Eye, said the funds would help the company harness store technology. “The fundraising 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 will be working to achieve a growth rate of 10x in the next 12 months. We are in talks for additional funding,” Gounder said.

Peyush Bansal, CEO and Co-Founder of Lenskart, said the investment will help Tango Eye expand. “We want to support exceptional entrepreneurs by helping them build successful enterprises. We will utilise our expertise and experience in scaling start-ups to help Tango Eye strengthen its presence and boost its technological developments and for additional investment rounds,” he said.