Singapore, 6 February 2017 — Trax Image Recognition (Trax), the world leader in image recognition for retail, has completed another round of funding at US$ 19.5 million with lead investor, Investec Bank to support the growth and market expansion of the company. With this latest round of funding, Trax has raised nearly US$100 million since being founded in 2010.
The investment is 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).
“Experience has told us that a small unlisted company that was able to attract multi-nationals including Coca-Cola, Nestle, Proctor & Gamble and AB InBev, must have a product and service worthy of closer attention,” said Richard Forlee, head of Investec’s Asian principal and private equity operations. “When we met the managers and realised the extent of their expertise for such a young business, we were convinced about investing in the company. We believe that Trax’s research and development capability and some of the ongoing work in artificial intelligence, automation and machine learning is a source of great potential.”
“Given Investec’s strong track record in growth capital investments, and its involvement in international wealth management and asset management, Trax is very excited to have Investec join as a shareholder as we prepare for our next phase of global growth and innovation” said Joel Bar-El, Co-Founder and CEO of Trax.
Trax has developed a computer vision platform that turns retail shelf images into real-time actionable insights. Analysing over 8 million images every month (representing a quarter of a billion products captured and analysed monthly), Trax provides the highest accuracy of data, intelligence, insights and recommendations to consumer good companies and retailers in over 45 countries.
Trax will use this investment to expand its global operations with a focus in products and services for top tier retailers.
“We jumpstarted 2017 at NRF’s Big Show in New York, where we were incredibly excited to see the reception of our technology with global retailers” said Dror Feldheim, Co-Founder and Chief Commercial Officer at Trax. “Retailers are eager to see the kinds of data and insights that Trax can provide to not only address store fundamentals, but to drive overall category performance in the store”.
About Trax Image Recognition
Trax is the world leader in image recognition for retail. Leveraging the company’s leading image recognition platform, they provide market data solutions and services to tier one manufacturers and retailers globally. With Trax, customers can easily control performance gaps, identify category opportunities and immediately increase revenue at all points of sale.
Headquartered in Singapore, with offices across Asia Pacific, Europe, Middle East, North America and South America, top brands such as Coca-Cola, AB InBev, Heineken, Nestle and Henkel leverage Trax globally to manage their in-store execution and increase revenues at the shelf.
Founded in 2010, Trax has raised a total of US$97.5 million to date.
To learn more, visit www.TraxRetail.com.
Fei Fei Ho
VP Marketing & Communications