Trax Image Recognition has completed a $ 19.5 million financing round led by Investec Bank. Trax will use this investment to expand its global operations with a focus in products and services for top tier retailers.
Founded in 2010 by CEO Joel Bar-El and chief commercial officer Dror Feldheim, Trax has raised nearly $100 million since its incepetion. Headquartered in Singapore, more than half the company's employees are in its Tel Aviv development center.
Trax has developed a computer vision platform that turns retail shelf images into real-time actionable insights. Analyzing over 8 million images every month (representing a quarter of a billion products captured and analyzed monthly), Trax provides the highest accuracy of data, intelligence, insights and recommendations to consumer good companies and retailers in over 45 countries.
“Experience has told us that a small unlisted company that was able to attract multi-nationals including Coca-Cola, Nestle, Proctor & Gamble and AB InBev, must have a product and service worthy of closer attention,” said Richard Forlee, head of Investec’s Asian principal and private equity operations. “When we met the managers and realised the extent of their expertise for such a young business, we were convinced about investing in the company. We believe that Trax’s research and development capability and some of the ongoing work in artificial intelligence, automation and machine learning is a source of great potential.”
Bar-El said, “Given Investec’s strong track record in growth capital investments, and its involvement in international wealth management and asset management, Trax is very excited to have Investec join as a shareholder as we prepare for our next phase of global growth and innovation."
Feldheim said, “We jumpstarted 2017 at NRF’s Big Show in New York, where we were incredibly excited to see the reception of our technology with global retailers. Retailers are eager to see the kinds of data and insights that Trax can provide to not only address store fundamentals, but to drive overall category performance in the store."
Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2017
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