Israeli inventory management startup Trax has announced the closure of a $100 million Series D investment led by HOPU Investments, an Asian alternative asset manager focusing on consumer, technology, financial services, and logistics industries. The funding round will support Trax’s global expansion and accelerate the mass-market deployment of its retail solutions, the company says.
Founded in 2010 and headquartered in Singapore, Trax is a provider of computer vision and analytics solutions for retail. Trax streamlines store operations through an advanced computer vision platform that delivers data and insights within minutes, the company says The startup continuously “tracks” shelves through proprietary fine-grained image recognition and machine learning and a wireless Internet of Things (IoT) platform.
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Trax provides in-store execution solutions, market measurement, and analytics services for Consumer Packaged Goods (CPG) brands and merchandisers. Dror Feldheim, Trax Chief Commercial Officer and co-founder, explained that “Trax has established an ecosystem anchored with deep CPG and retail industry collaboration and diverse partnerships. 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.”
HOPU’s Managing Director, Gunther Hamm, reflected on the completed funding round, stating: “We are convinced that Trax can grow rapidly in China’s consumer landscape. China’s retail market has digitalized rapidly, in both online and new offline retail concepts. Yet the vast majority of China’s…stores remain underserved…Trax’s global leading technology and CPG experience, coupled with its entrepreneurial management team, should allow it to quickly capture this white space.”
“Through its investment strategy and expansive network, HOPU has created a unique ecosystem of portfolio companies specifically in AI and more broadly across technology. We look forward to working with HOPU and their portfolio companies, as well as the many leading consumer and retail companies within their network,” stated Joel Bar-El, Trax CEO and co-founder. “This injection of funds from HOPU will further accelerate our innovation and further our efforts to deliver an outstanding customer experience.”
Trax operates in over 50 countries with more than 175 client engagements, including many of the world’s top brands and retailers.
Previous investors in Trax include Boyu Capital, which led a $125 million funding round in July 2018 wth UK media company DC Thompson, Investec, and GIC.
Trax was recognized as a 2018 Red Herring Top 100 Global, a list highlighting leading startups from North America, Europe, and Asia. In 2016, the company ranked in the top 25 Fastest Growing Companies on Deloitte’s Technology Fast 500 list.