Business digitisation specialist Trax raises $640 million
Singapore-based specialist in the digitisation of retail brands, Trax has announced that it has raised funds totalling €539 million ($640 million) which it will use to develop its Cloud platform and on-demand ‘crowd marketplace’.
The funding round was led by Softbank Vision Fund 2, as well as technology funds managed by BlackRock. Other participants in the funding round include Canadian pension fund Omers as well as the Sony Innovation Fund (via IGV). Trax specialises in ‘computer vision’ for brands, especially in the food industry, enabling businesses to optimise their inventory and supply management.
Trax has also positioned itself the camera technologies segment of the market and enables real-time monitoring of shop displays, as well as supporting brands in merchandising and developing marketing strategies for social media. The business has also set itself apart through the deployment of its ‘Trax Flexforce’, an on-demand ‘crowd marketplace’ for retailers.
“With this significant investment, we will invest in our team, extend our market leadership, continue to develop our business for brands, and drive the next stages of innovation and long-term growth,” said the business’ CEO, Justin Behar.
“Despite the turbulence of 2020, our business has made tremendous progress thanks to the hard work, dedication, and teamwork of Trax,” said the business’ executive chairman, Joel Bar-El.
“Our numerous solutions meet the complex needs of brands and distributors as they adapt quickly to changes in consumer behaviour.”
Joel Bar-El and Dror Feldheim founded Trax in 2010 and the business currently operates in 90 countries through its offices situated in Singapore, Israel, and the U.S. The business counts Unilever, Procter & Gamble, Auchan, BestBuy, and Coca-Cola among its clients, with 850 employees, a total of 292 brand clients, and over one million digitised stores.
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