According to Joel Bar-El, Trax’ CEO “After the latest investment by Singapore’s leading private equity fund earlier this year, the company’s shareholders decided to boost their holdings with additional financing. This additional investment is indicative of the level of dedication and faith the stakeholders have in the company, its vision and growth opportunities.” It is important to note that according to the terms of the previous round, a potential cash infusion of approximately US$ 15M is still pending.
This financing will enable Trax to accelerate its already strong growth rate. The company has also decided to further increase its investment in its core image recognition technologies in order to ensure its continued leadership position in the market. Trax has announced that a new product offering is to be expected in early 2014. “Our new offering is expected to take our user experience to the next level, increase efficiency and provide additional time savings for the end users”, states Bar-El.
The company continues to partner globally on full scale production projects with several prominent tier-1 manufacturers. Trax image recognition solutions capture, analyze and report on over a million shelf images a month. Currently the company has projects running in 18 countries across 5 continents, and expansion plans are aggressive.