Trax Image Recognition, a Singapore-based provider of image recognition solutions for retail, raised US$ 19.5m in another round of funding.
The round was led by Investec Bank plc., part of the international specialist banking and asset management group listed on the London Stock Exchange (LSE: INVP) and the Johannesburg Stock Exchange (JSE:INL).
The company, which has raised US$100m since being founded in 2010, intends to use the funds to expand its global operations with a focus in products and services for top tier retailers.
Founded in 2010 by Joel Bar-El, CEO, and Dror Feldheim, Chief Commercial Officer, Trax Image Recognition provides a computer vision platform that turns retail shelf images into real-time actionable insights enabling manufacturers and retailers globally to control performance gaps, identify category opportunities and immediately increase revenue at all points of sale.
The company, which has offices across Asia Pacific, Europe, Middle East, North America and South America, serves such brands as Coca-Cola, AB InBev, Heineken, Nestle and Henkel, among others.