Image recognition company for retail and consumer goods Trax is raising $100 million at a company valuation of $1.1 billion, "Bloomberg" reports. Headquartered in Singapore, the company has its development center in Tel Aviv, where 240 of the company's 500 employees are based. "Bloomberg" says a $1.1 billion valuation would make Trax, Singapore's second largest startup behind taxi-hailing company Grab.
Founded in 2010 by CEO Joel Bar-El and Chief Commercial Officer Dror Feldheim, the company has raised $235 million to date, including a $125 million financing round last July. Investors include Warburg Pincus, Boyu Capital, and DC Thomson and GIC Pte.
Bar-El told "Bloomberg" that he expects the $100 million financing round to be completed by the end of next month and that Trax is looking at an IPO in the next 18-24 months.
Trax has developed image recognition technology that turns shelf images in stores into real-time actionable insights. The company has 175 customers in 50 countries including Coca Cola and Nestle.
The new round is aimed at financing three acquisitions, Bar-El told "Bloomberg." Trax recently signed a deal to buy LenzTech Co., a Beijing computer vision technology service provider and direct competitor, for an undisclosed amount and is also in advanced talks to buy a European competitor and a US company.
Published by Globes, Israel business news - en.globes.co.il - on May 28, 2019
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