Trax, a Singapore-based provider of computer vision and analytics solutions for retail, raised US$125m in funding.
The round, which brings the total amount raised to date to approximately US$235m, was led by Boyu Capital, with participation from DC Thomson. They joined Warburg Pincus and Investec. A portion of the deal will be used to buy some early investors’ shares.
The company intends to use the funds to further support global expansion and accelerate mass-market deployment of its retail solutions. A core area of expansion will be Greater China, where it has already established a strong market presence serving major global brands.
Founded in 2010 by Joel Bar-El, CEO, and Dror Feldheim, chief commercial officer, Trax provides in-store execution, market-measurement and data-science solutions for Consumer Packaged Goods (CPG) brands and retailers by leveraging its computer vision platform to process photos taken in store with mobile devices to deliver real-time, granular shelf- and store-level insights.
The company operates in over 50 countries with more than 175 client engagements.
In a parthership last year with Nielsen (NYSE: NLSN), a global information and measurement company, Trax introduced Shelf Intelligence Suite, offering brands a high level of shelf insights to continuously measure and improve their shelf strategy and execution.
In addition to working with CPG companies worldwide, the company is currently engaged in several digital transformation pilot projects with global retailers aimed at providing continuous shelf tracking with wireless IoT cameras.