Israeli retail image recognition company Trax has raised $40 million in a Series C round from existing shareholders to support the growth, new product development and technical innovation of the company.
Trax turns shelf images into real-time actionable insights by delivering a unique image recognition platform for the retail industry. Recognizing over 8 million images (with more than 1 million store visits) every month, Trax provides the highest accuracy of data, intelligence, insights and recommendations to consumer good companies and retailers in over 40 countries.
Trax will use its latest round of investment, which is its largest to date, to expand its global operations with a focus in North America and a new product line for top tier retailers.
Trax cofounder and Chief Commercial Officer Dror Feldheim said, “We are incredibly excited to expand our footprint in North America, particularly with retailers in the United States. We have found the market extremely enthusiastic and eager to leverage our advanced machine learning technology and retail data science solutions. Retailers turn our data and insights into broader market intelligence and highly accurate trend predictions that shine a light on new ways to improve their customer experiences in-store."
Headquartered in Singapore, Trax has over 220 employees worldwide, 130 of whom are based in the company’s R&D and Computer Vision Centre of Excellence in Tel Aviv.
Trax cofounder and CEO Joel Bar-El said, “Trax is very much a part of the thriving high-tech scene in Israel. We have pioneered a proprietary deep learning platform, which is a form of Artificial Intelligence, to power our image recognition process."
He added, “Trax is committed to constant innovation so we can always meet the needs of our growing base of global customers. This round of funding will allow us to advance our technology, our solutions and services and ultimately allow our clients to make better business decisions and drive incremental sales and market share.”
Published by Globes [online], Israel business news - www.globes-online.com - on June 8, 2016
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