Singapore-based retail and consumer goods analytics firm Trax has raised $640m in a Series E round of funding, which it will use to expand its team, scale its business, and drive long-term growth.
Trax uses proprietary image recognition, machine learning and Internet of Things platforms to convert photos of retail shelves into shelf and store-level insights. Last year the company acquired real-time in-store shelf monitoring solution Qopius, and it launched its Retail Watch store intelligence solution in China, where it has developed a shelf monitoring robot using shelf-edge and ceiling cameras to provide retailers with 'eyes in the store'.
New funding has been led by SoftBank Vision Fund 2BlackRock, with participation from new investors including OMERS, and Sony Innovation Fund by IGV. Trax CEO Justin Behar (pictured) comments: 'Through this significant investment from SoftBank, BlackRock and others, we will invest in our team, extend our market leadership, continue to scale our retailer business, and drive the next stages of long-term growth and innovation'.
Web site: www.traxretail.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.