Singapore — Trax Image Recognition (Trax), the world leader in image recognition for retail, has raised US$40 million in a Series C round from existing shareholders to support the growth, new product development and technical innovation of the company.
Trax turns shelf images into real-time actionable insights by delivering a unique image recognition platform for the retail industry. Recognizing over 8 million images (with more than 1 million store visits) every month, Trax provides the highest accuracy of data, intelligence, insights and recommendations to consumer good companies and retailers in over 40 countries.
Trax will use its latest round of investment, which is its largest to date, to expand its global operations with a focus in North America and a new product line for top tier retailers.
“We are incredibly excited to expand our footprint in North America, particularly with retailers in the United States. We have found the market extremely enthusiastic and eager to leverage our advanced machine learning technology and retail data science solutions,” said Dror Feldheim, Co-Founder and Chief Commercial Officer at Trax. “Retailers turn our data and insights into broader market intelligence and highly accurate trend predictions that shine a light on new ways to improve their customer experiences in-store”.
Trax has over 220 global employees, 130 of which are based in the company’s R&D and Computer Vision Centre of Excellence in Tel Aviv, Israel. “Trax is very much a part of the thriving high-tech scene in Israel,” says Trax Co-Founder and Chief Executive Officer, Joel Bar-El. “We have pioneered a proprietary deep learning platform, which is a form of Artificial Intelligence, to power our image recognition process”.
Trax CEO, Joel Bar-El, further stated, “Trax is committed to constant innovation so we can always meet the needs of our growing base of global customers. This round of funding will allow us to advance our technology, our solutions and services and ultimately allow our clients to make better business decisions and drive incremental sales and market share.”
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$78 million with existing shareholders.
To learn more, visit www.traxretail.com.
Fei Fei Ho
VP Marketing & Communications