Trax, the leading provider of computer vision and analytics solutions for retail, announced today the successful closure of a US$100 million Series D investment. The transaction was led by HOPU Investments, one of Asia’s leading alternative asset managers, with a strong focus in the consumer and technology sectors.
Headquartered in Singapore, Trax is revolutionising the retail industry by delivering a single source of shelf truth for Consumer Packaged Goods (CPG) companies and retailers. Trax provides in-store execution solutions, market measurement and analytics servicesfor CPG brands and retailers by combining its proprietary fine-grained image recognition and machine learning with an 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.
“Through its investment strategy and expansive network, HOPU has created a unique ecosystem of portfolio companies specifically in AI and more broadly across technology. We look forward to working with HOPU and their portfolio companies, as well as the many leading consumer and retail companies within their network,” said Joel Bar-El, Trax CEO and co-founder. “This injection of funds from HOPU will further accelerate our innovation and further our efforts to deliver an outstanding customer experience.”
“HOPU is thrilled to partner with Trax, a global leader in commercial applications of AI solutions for retail. Trax will only become more important as consumer goods manufacturers and retailers increase their usage of in-store data analytics. Trax is clearly becoming an essential component in the decision making and execution processes of major players within retail,” said HOPU’s Jacqueline Zhang.
Dror Feldheim, Trax chief commercial officer and co-founder added, “Trax has established an ecosystem anchored with deep CPG and retail industry collaboration and diverse partnerships. Our investment from HOPU will accelerate the development of our footprint in China and globally, and further position our market-ready retailer solutions to be deployed at scale.”
“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. Trax’s global leading technology and CPG experience, coupled with its entrepreneurial management team, should allow it to quickly capture this white space,” said HOPU’s Gunther Hamm.
To date, Trax has raised over US$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. J.P. Morgan advised the company on this latest round of investment.