Singapore-Israeli computer vision and analytics solutions startup Trax has announced that it has closed a $100 million Series D finance round led by HOPU Investments. The company has raised $350 million following the latest financing.
"Bloomberg" reported two months ago that Trax was raising $100 million at a company value of $1.1 billion. Trax's largest shareholder is US private equity fund Warburg Pincus and other investors include China's Boyu Capital, Investec, DC Thomson and GIC Pte as well as the sovereign fund of the Singapore government, which paryicipated in the current round.
Trax was founded in 2010 by CEO Joel Bar-El and Chief Commercial Officer Dror Feldheim, The company has developed image recognition technology that turns shelf images in stores into real-time actionable insights. Trax has 600 employees including 200 in its Israel development center and plans increasing its workforce, mainly in Israel.
Bar-El said, "This injection of funds from HOPU will further accelerate our innovation and further our efforts to deliver an outstanding customer experience."
Feldheim added, "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."
Published by Globes, Israel business news - en.globes.co.il - on July 22, 2019
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