Israeli-Singaporean company Trax Image Recognition, which provides in-store shelf monitoring, analysis and technology powered by image recognition, has raised $15 million in a Series D round of financing from previous investors and Singapore's Broad Peak Master Fund. The company has raised $37 million to date.
The latest funding will support expansion in the US and Europe, new product offerings and partnerships.
Trax will use the fourth round of investment, which is its largest to date, to expand its global operations with a focus on developing its market share in the US and Europe. In addition, the new funds will also allow the company to launch new products and services enabling it to meet the growing requirements of its global manufacturing and retail customers. The new offerings, available in 2015, will be initiatives in market research and the consumer space. The investment will also help Trax secure a leading position in the crowdsourcing market by forming partnerships in this sector.
Trax CEO Joel Bar-El said, “Trax is committed to constant innovation so we can always meet our customers’ needs and provide tailored offerings for the ever-changing retail industry. This round of funding will allow us to continue providing our manufacturing and retail customers with services that will ultimately allow them to make better decisions, thus helping improve sales and increase market share.”
He added, “It will also support our growth in geographic markets such as the US and Europe and our desire to form partnerships with companies that complement our technologies. This will ensure both new and existing customers can access the best and most accurate technology in the industry at cost-effective prices.”
In the past 6 months the company has brought 170 new gobal companies on board including Coca Cola, AB, InBev, Nestle, Heinkel, Pepsico and more
Published by Globes [online], Israel business news - www.globes-online.com - on December 15, 2014
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