The terms of the agreement describe an immediate cash infusion of US$ 6.6 Million, with an option for an additional US$ 15 Million (approximately) available over the next 18 months. This funding will enable Trax image recognition to accelerate its current rapid growth rate and further enhance its leading edge solutions.
In addition, the private equity fund will nominate a member to the Trax image recognition’ Board of Directors and will take an active, strategic role in shaping Trax image recognition’ future as global corporation. “This is a huge vote of confidence in our leadership position in our market, our innovative proprietary technologies and our management team. The influx of funds will enable the company to accommodate the huge demand it is experiencing to serve new markets and territories, as well as to continue to invest in the research needed to sustain our leadership position,” said Joel Bar-El, Trax image recognition’ CEO.