Singapore-headquartered Trax, a provider of computer vision and analytics solutions for retail, announced the successful closure of a USD 100 million Series D investment round on 23 July 2019. The transaction was led by Chinese private equity firm, HOPU Investments.
Trax provides in-store execution solutions, market measurement and analytics services for Consumer Packaged Goods (CPG) brands and retailers by combining its proprietary fine-grained image recognition and machine learning with an Internet-of-Things (IoT) platform to turn photos of retail shelves into granular, actionable shelf and store-level insights. The company is also engaged in numerous digital transformation projects with global retailers aimed at providing continuous shelf tracking through its software and wireless IoT camera system. Trax said it will use this latest round of funding to further support the global expansion of the company and accelerate mass-market deployment of its retail solutions.
Trax has raised over USD 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. The valuation for this fundraising round is reportedly USD 1.3 billion, making Trax Singapore’s latest unicorn, which are startups valued in excess of USD 1 billion.
In addition to its headquarters in Singapore, Trax has offices throughout the Asia-Pacific region, Europe, Middle East, North America and South America. Trax counts Coca-Cola, ABInBev, Heineken, Nestle and Henkel among its clients. Trax has a partnership with Nielsen, the consumer data analytics company since July 2017 to offer Shelf Intelligence solutions to CPG brands and retailers. Trax announced a strategic partnership with Kantar in July 2019.
(Sources: Trax; Business Times)