Trax Technology Solutions Pte Ltd. said Friday that it has closed $2.5 million in funding. According to the company, the investors were the “original stakeholders.” The capital infusion will be used to accelerate Trax’s growth. Based in Singapore, Trax is a provider of in-store auditing and shelf monitoring solutions for the consumer goods industry.
Singapore (PRWEB) December 06, 2013
Trax Technology Solutions Pte Ltd. (Trax), a leading provider of in-store auditing and execution monitoring solutions for the consumer packaged goods (CPG) industry, has announced another investment round from the original stakeholders. Trax reports receiving an additional US$ 2.5 million in funds. Along with the previous institutional investment reported earlier this year, Trax has raised over US$ 9 million of funding in 2013.
According to Joel Bar-El, Trax’ CEO, “After the latest investment by Singapore’s leading private equity fund earlier this year, the company’s shareholders decided to boost their holdings with additional financing. This additional investment is indicative of the level of dedication and faith the stakeholders have in the company, its vision and growth opportunities.” It is important to note that according to the terms of the previous round, a potential cash infusion of approximately US$ 15M is still pending.
This financing will enable Trax to accelerate its already strong growth rate. The company has also decided to further increase its investment in its core image recognition technologies in order to ensure its continued leadership position in the market.
Trax has announced that a new product offering is to be expected in early 2014. “Our new offering is expected to take our user experience to the next level, increase efficiency and provide additional time savings for our end users,” states Bar-El.
Trax works with major players in the retail industry providing them with image recognition enabled execution measurement and management tool. The company continues to partner globally on full scale production projects with several prominent tier-1 manufacturers. Trax image recognition solutions capture, analyze and report on over a million shelf images a month. Currently the company has projects running in 18 countries across 5 continents, and expansion plans are aggressive.
About Trax Technology Solutions
Trax Technology Solutions (http://www.trax-tech.com) was founded in 2010 with the goal of providing leading manufacturers and retailers with tailor-made technology solutions to maximize the potential of retail operations. Utilizing proprietary image recognition technologies, Trax provides its partners with real-time in-store data more accurately, efficiently and cost effectively than ever before. Headquartered in Singapore, today the company employs over 200 employees, with offices in APAC, Australia, Europe, USA and Latin America. The company’s R&D center is located in Israel.
Trax products and services provide real time, in-store decision making tools which have been proven to increase sales efficiency, discover untapped opportunities and drive incremental sales revenue. Trax’ reporting tools enable managers to optimize category planning, monitor shelf compliance and improve sales force productivity.