Singapore-based Trax, a provider of computer vision and analytics solutions for retail, has closed $125 million in funding. The lead investor was Boyu Capital. Trax is also backed by Warburg Pincus.
SINGAPORE, July 2, 2018 /PRNewswire/ —
Trax, the leading provider of computer vision and analytics solutions for retail, announced today it has completed its largest investment round to date, raising US$125 million. The transaction was led by Boyu Capital , one of the largest private equity investment firms in Greater China. DC Thomson, a leading media organization from the UK, also joined the investment round. A portion of the transaction will be used to buy some early investors’ shares.
Headquartered in Singapore, Trax is revolutionizing the retail industry by delivering a single source of shelf truth for Consumer Packaged Goods (CPG) companies and retailers. Founded in 2010, Trax counts Warburg Pincus and Investec among its shareholders.
To date, the company has raised approximately US$235 million in total funding and operates in over 50 countries with more than 175 client engagements. Trax provides in-store execution, market-measurement and data-science solutions for CPG brands and retailers by harnessing its cutting-edge computer vision platform to process photos taken in store with mobile devices to deliver real-time, granular shelf- and store-level insights.
In an alliance last year with Nielsen (NYSE: NLSN), the leading global information and measurement company, Trax introduced Shelf Intelligence Suite, offering brands an unprecedented level of shelf insights to continuously measure and improve their shelf strategy and execution.
In addition to working with leading CPG companies worldwide, Trax is currently engaged in several digital transformation pilot projects with global retailers aimed at providing continuous shelf tracking with wireless IoT cameras. Trax said it will use this latest round of funding to further support global expansion of the company and accelerate mass-market deployment of its retail solutions. A core area of expansion will be Greater China, where Trax has already established a strong market presence serving major global brands.
“We could not be more thrilled to have Boyu Capital as a major backer of Trax alongside Warburg Pincus, our largest shareholder,” said Joel Bar-El, Trax CEO and co-founder. “Their experience and insights into the scale and pace of China’s retail technology environment will be incredibly valuable. The injection of funds from Boyu will allow us to drive continued innovation of our technologies at our computer vision center of excellence in Tel Aviv, Israel and to explore establishing an additional engineering center in China.”
Dror Feldheim, Trax chief commercial officer and co-founder, added: “We are crossing yet another inflection point in our global growth and our journey in driving the digital transformation of physical retail. The adoption of our solutions and services is moving at lightspeed in our core markets of the US, Europe, Asia and Latin America. Partnering with Boyu and having access to their vast network and deep expertise adds real firepower towards the realization of our vision.”
Joey Chen, managing director of Boyu Capital, commented: “The investment in Trax is driven by our conviction in the compelling value proposition of new technology solutions that enable digitalization of brick and mortar retail. We are impressed by the wide recognition of Trax’s cloud-based one-stop-shop solutions by the world’s largest CPG companies and retailers. Compared to developed markets such as Europe and the United States, the use of digital retail solutions by Chinese consumer goods companies and retailers is still in its early stages. And with the world’s largest retail market and number of outlets, we see a promising future for Trax’s development in China.”
About Boyu Capital
Boyu Capital is a leading Greater China-focused private investment firm with offices in Hong Kong and Beijing. Comprised of a team of experienced investors and business operators, Boyu Capital provides growth capital and strategic support through long-term partnerships with leading entrepreneurs and enterprises, and its portfolio includes some of the largest, best-managed and most innovative companies across the media/technology, consumer/retail, financial services, and healthcare industries in the Greater China region.
Trax is the leading provider of computer vision solutions and analytics for retail, recently ranked in the top 25 Fastest Growing Companies on Deloitte’s Technology Fast 500 list. The company enables tighter execution controls in-store and provides clients with the ability to leverage competitive insights through its in-store execution tools, market measurement services and data science to unlock revenue opportunities at all points of sale. Many of the world’s top brands and retailers leverage Trax globally in more than 50 countries to manage in-store execution and increase revenues at the shelf. Trax is headquartered in Singapore with offices worldwide. To learn more about Trax, please visit http://www.traxretail.com.