Israeli-developed and Singapore-based company retail image recognition platform Trax Image Recognition has completed another round of funding of $19.5 million. This comes following a $40 million Series C raised in June 2016.
With this latest round of funding which was led by global specialist banking group Investec Bank, the company’s total funding till date has reached $97.5 million since it was founded in 2010.
Trax’s previous Series C investment saw it raise funds from various private investors, including Broad Peak Investment Advisers, a hedge fund backed by Singapore’s state investment fund Temasek Holdings upon its inception. Broad Peak Investment is a principal investment firm specialising in investments in pan-Asia including Japan that is based in Singapore and is led by CEO Syed Hyder Ahmad and COO Chandra Raj Sinnathuray.
This places Trax’s market capitalisation firmly into centaur territory (i.e. a valuation of between $100 million and $1 billion).
Trax has developed a computer vision platform that turns retail shelf images into real-time actionable insights. It claims to analyse over 8 million images every month and providing data, intelligence, insights and recommendations to consumer good companies and retailers.
Trax has its main R&D in Tel Aviv and corporate headquarters in Singapore with offices across Asia Pacific, Europe, Middle East, North America and South America. Brands such Coca-Cola, AB InBev, Heineken, Nestle and Henkel have got Trax on board to manage their in-store execution and increase revenues at the shelf.
The company plans to use this latest investment to expand its global operations with a focus in products and services for top tier retailers, the company said in a release.
“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,” said Richard Forlee, head of Investec’s Asian principal and private equity operations.
In June last year, Trax had secured $40 million in Series C from existing shareholders including Temasek-backed Broad Peak Investment Advisers. Prior to this, in 2014 it had received funding of $15 million.
In an official statement, Joel Bar-El, Co-Founder and CEO of Trax,said, “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.”
This is another example of growing ties in the investment circle in Singapore and Israel, which was also marked by a $10 million investment from Singapore’s United Overseas Bank in Israeli fund OurCrowd early last year. The fund went on to raise $72 million later in the year.