Warburg Pincus-backed Trax closes $100m Series D round led by HOPU

Trax co-founders, chief executive officer Joel Bar-El (left) and chief commercial officer Dror Feldheim

Singapore-headquartered retail-focused computer vision and analytics firm Trax has closed a $100-million Series D round led by Asian alternative asset manager HOPU Investments.

The startup is valued at around $1.2-1.3 billion after the latest financing, we have learnt. JP Morgan advised the company on its latest round.

The company did not disclose other details about its latest funding round, which, we understand, was joined by 3-4 existing investors. Trax has raised over $350 million in equity financing to date.

Founded in 2010 by Joel Bar-El and Dror Feldheim, Trax provides computer vision solutions for retailers and brands through computer imaging technology and machine learning. It operates in over 50 countries globally, counting brands like Coca-Cola, Heineken, Nestle and Henkel among its clients.

According to a statement, the fresh capital will be used to drive Trax’s global expansion and accelerate the mass-market deployment of its retail solutions. The investment from HOPU will also help it strengthen its foothold in China, one of the most technologically advanced retail markets in the world.

“Our investment from HOPU will accelerate the development of our footprint in China and globally, and further position our market-ready retailer solutions to be deployed at scale,” said Trax chief commercial officer and co-founder Dror Feldheim. 

China’s retail market has digitalized rapidly in both online and new offline retail concepts. Yet the vast majority of China’s brick and mortar stores remain underserved in-store management, assortment and optimization. Trax’s global leading technology and CPG experience, coupled with its entrepreneurial management team, should allow it to quickly capture this white space,” said HOPU managing director Gunther Hamm.

More capital for acquisitions

Trax also plans to use the fresh funding to finance its acquisitions.

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