Retail digitization service LenzTech receives $20 million in funding

LenzTech, a Chinese computer vision and data analytics services for the retail industry, has secured RMB 125 million ($20 million) in funding, the company announced Tuesday. Investors for the round include Tiantu Capital, robot maker Ecovacs, Yunqi Partners, and Zoo Capital. The proceeds will be used to ramp up the company’s efforts to digitalize the offline retail industry, optimize in-store inspection robots, and upgrade other AI and IoT technologies. The retail AI and big data firm merged with Singapore-headquartered peer Trax in 2019 with the goal of digitizing China’s physical world of retail. [Trax press release, in Chinese]