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    AI start-up Tango Eye secures seed funding, targeting $5 million in next round

    AI start-up Tango Eye secures seed funding, targeting $5 million in next round

    AI start-up Tango Eye secures seed funding, targeting $5 million in next round
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    By Jude Sannith   IST (Updated)

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    Chennai-based video analytics start-up Tango Eye has raised an undisclosed round of seed funding from Lenskart, Riso Capital and Aroa Ventures among others. The company has been in the limelight for a little under two years, for developing AI technology that helps retailers use in-store surveillance technology to gain insights on shopper behaviour and buying patterns.

    Chennai-based video analytics start-up Tango Eye has raised an undisclosed round of seed funding from Lenskart, Riso Capital and Aroa Ventures among others. The company has been in the limelight for a little under two years, for developing AI technology that helps retailers use in-store surveillance technology to gain insights on shopper behaviour and buying patterns.
    “Our seed fund will be used to scale up the number of outlets we can equip, cater to verticals aside of retail and expand our product offering simply because we know that there is so much more we can do,” said Suren Gounder, Founder and CEO of Tango Eye, speaking to CNBC-TV18.com. “We want to focus on increased SOPs and efficiencies that Tango Eye will offer, especially in the context of COVID-19 when in-store efficiencies are key elements to doing good business,” he added.
    Tango Eye’s tech is startlingly simple. The company uses AI software that studies shoppers through in-store CCTV cameras and provides insights to store owners who use this data to do better business. In the aftermath of COVID-19, Tango Eye has also contemplated using AI to enforce social distancing at retail stores.
    The new round of funding means that Tango Eye’s tech can also be extended towards HR functions like contactless attendance monitoring, tracking employee efficiencies and the like. “We have also been contemplating tapping verticals outside of retail,” said Suren.
    The last few months have seen Tango Eye expand on its customer base. From retail players like Nykaa and L’Occitane, the company has inked deals with Lenskart and Sangeetha Mobiles. Tango Eye has equipped 700 of Lenskart’s offline stores with its AI technology.
    Earlier this year, Tango Eye said that it was targeting 10,000 retail stores that it hoped to get on board its AI tech. “We are in talks with a few new players to get to that target,” said Suren.
    The next 12 months will see Tango Eye go back to the market for its next round of funding. “We hope to secure $5 million over this period,” said Suren. As of earlier this year, Tango Eye had reported revenues of just under Rs 1 crore, and projected closing the year at revenues of Rs 10 crore.
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