Israeli-developed and Singaporean based company Trax Image Recognition (Trax) that provides in-store shelf monitoring, analysis and technology powered by image recognition, Tuesday said it raised $15 million funding from its existing investors and Singapore’s Broad Peak Master Fund.
This takes the total amount, the company has raised in financing so far, to $37 million. The company said it plans to use proceeds from the latest round to expand global operations with a focus on the US and UK.
“In addition, the new funds will also allow the company to launch new products and services, enabling it to meet the growing requirements of its global manufacturing and retail customers.
The new offerings, available in 2015, will be initiatives in market research and the consumer space. The investment will also help Trax secure a leading position in the crowdsourcing market by forming partnerships in this sector,” the company said in a statement.
Headquartered in Singapore, the company that has offices in Asia Pacific, Europe, Middle East, North America and South America, recently tied with AFS Technologies, the leading firm in the sales force and store execution solutions space.
The deal allows both parties to co-market their solutions as a complete, integrated product suite.
Last year, the inventory tracking solutions provider said it had raised $6.6 million from an undisclosed investor in Singapore, with the option for an additional $15 million within the next 18 months.
Founded in 2010, the company’s business model revolves around its image-recognition app that gathers data from photos taken of shelves at retail stores. Trax aims to drastically reduce manual, in-efficient in-store executives.
Traz CEO, Joel Bar-El, said, “This round of funding will allow us to continue providing our manufacturing and retail customers with services that will ultimately allow them to make better decisions, thus helping improve sales and increase market share.”
“It will also support our growth in geographic markets such as the US and Europe and our desire to form partnerships with companies that complement our technologies. This will ensure both new and existing customers can access the best and and most accurate technology in the industry at cost-effective prices,” he added.