SG’s Trax acquires European AI image recognition firm Planorama

Trax co-founder and CEO Joel Bar-El speaks at the Asia PE-VC Summit 2018 organised by DealStreetAsia.

Singapore-based retail-tech startup Trax has acquired Planorama, a European supplier of image recognition services, for an undisclosed sum, according to a company statement.

The Planorama deal follows Trax’ recent acquisitions of China’s AI and big data service provider, LenzTech, and US-based shopping rewards app, Shopkick.

Commenting on the latest deal, Trax co-founder Dror Feldheim said: “Joining forces with Planorama, we will deliver a holistic, closed-loop approach to solving the most pervasive and systemic issues facing retail today.”

Set up in 2009, Planorama uses artificial intelligence to digitalise retail execution and merchandising processes. Based on shelf pictures from any source, its image recognition solution can instantly analyse and recognize millions of product items and deliver insights for their clients.

Planorama counts Unilever, Mondelez and Coca-Cola among its clients.

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

DealStreetAsia recently reported that 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.

Trax counts Warburg Pincus as its largest shareholder, which owns a 20 per cent stake. Other investors include Boyu Capital, Investec and GIC. The co-founders’ stakes, meanwhile, have diluted along the way to about 4 per cent each.