Trax Technology Solutions Pte Ltd., a Singapore-based provider of in-store auditing and shelf monitoring solutions for the fast moving consumer goods industry (FMCG), raised US$6.6m in Series A financing.
An unnamed Singapore-based private equity fund made the investment and will nominate a member to the Trax’ Board of Directors. Under the terms of the deal, an option for an additional US$ 15m is available over the next 18 months.
The company intends to use the funds to accelerate its growth rate and further enhance its solutions.
Founded in 2010 and led by Joel Bar-El, CEO, Trax utilizes proprietary image recognition technologies to provide manufacturers and retailers with real-time in-store data to optimize category planning, monitor shelf compliance and optimize sales force productivity.
Today the company employs over 200 employees, with offices in APAC, Australia, Europe, USA and Latin America. The R&D center is located in Israel.