Singapore-based image recognition tech startup Trax has closed a $64 million funding round led by private equity firm Warburg Pincus, which is the largest capital raising for the tech company since it was founded in 2010.
The investment will be used to continue Traxs’ innovation in providing customers with continuous and actionable in-store retail insights, and drive its capacity to serve across its core markets: US, Europe, Latin America and Asia, the firm said in an announcement on Wednesday.
Trax provides in-store execution, market intelligence and data science solutions for Consumer Packaged Goods (CPG) companies and retailers through its computer vision-to-platform, in order to process photos taken in store and deliver granular store-level insights within minutes. It builds proprietary retail database and analytics products.
Trax, an Israeli-developed company but headquartered in Singapore, had raised $19.5 million funding, which was led by global specialist banking group Investec Bank earlier this year in February.
Before that, it had raised a $40 million Series C in June 2016. Among other investors in the startup are Broad Peak Investment Advisers, a hedge fund backed by Singapore’s state investment company Temasek Holdings.
With the latest investment, Warburg Pincus has emerged as the largest institutional shareholder in the firm, which until now has raised in excess of $160 million since it was founded by Joel Bar-El, also the CEO of Trax.
Earlier this month, the startup partnered with Nielsen to give the FMCG industry new shelf insights through their Shelf Intelligence Suite – which includes a syndicated tool that digitises the shelf – so that brands can accurately measure how their products appear in the store that impacts their sales.
Trax achieves this through using smartphones and tablets to gain actionable real-time shelf analytics. With over 175 clients in over 50 countries, the company services brands such as Coca-Cola, AB InBev, Nestle, Henkel, PepsiCo and much more, leveraging Trax globally to manage their in-store execution and increase revenues at the shelf.
Globally, retail has undergone an overhaul with the use of technology that includes data analytics, artificial intelligence and others.
With Warburg Pincus turning its focus towards technology, consumer and retail sectors globally, machine learning has emerged as a key focus of the Warburg Pincus’ technology practice.
Warburg Pincus has invested in mobile endpoint security service provider Zimperium, speech recognition and transcription provider Nuance and compensation data vendor Payscale and student analytics provider Civitas.