Trax closes $100m funding round
Written by Peter Walker
Trax has closed a $100 million Series D investment led by HOPU Investments, one of Asia’s leading alternative asset managers.
Headquartered in Singapore, Trax is a computer vision and analytics solutions for the retail industry, providing in-store execution, market measurement and analytics services by combining its proprietary image recognition and machine learning with a platform to turn photos of retail shelves into actionable insights.
The company is also engaged in several digital transformation projects with global retailers aimed at providing continuous shelf tracking through its software and wireless camera system.
Trax said it will use this latest round of funding to further support its global expansion and accelerate mass-market deployment of its retail solutions.
Joel Bar-El, Trax chief executive and co-founder, said: “This injection of funds from HOPU will further accelerate our innovation and further our efforts to deliver an outstanding customer experience.”
Gunther Hamm, co-chief operating officer at HOPU, stated: “We are convinced that Trax can grow rapidly in China’s consumer landscape.
"China’s retail market has digitalised rapidly, in both online and new offline retail concepts, yet the vast majority of China’s brick and mortar stores remain underserved in store management, assortment and optimisation."
To date, Trax has raised over $350 million in equity financing and operates in over 50 countries with more than 175 client engagements. The company counts Warburg Pincus as its largest shareholder, with Boyu Capital, Investec and GIC among its existing investors.