Trax Technology Solutions Pte Ltd., which has developed a solution for tracking the distribution of consumer goods, has raised $6.6 million from an unnamed Singapore fund. The fund has an option to invest an additional $15 million in the company over the next 18 months.
Trax is headquartered in Singapore, and has a development center in Israel, and was co-founded by CEO Yoel Bar-El in 2010. The company has raised $13 million to date, including the current round. Until now the company raised money from its founders and private investors.
Bar-El said that average company value of the follow-on investments, if they are made, will be $100 million, before money.
Trax's solution in based on picture processing technology, which analyzes products on store shelves. A supplier photographs the shelves at a store, and the pictures are sent to a remote server farm, where they are processed analyzed, and a report is written on the status of the goods (quantities, forecasts, and meeting agreements with the retailer), including insights on competing products.
Trax says that its solutions provide real-time analysis and reports on millions of pictures from hundreds of thousands of stores. Bar-El says, "We must continue to invest in developing the technology in order to keep our market leadership." He adds, "We intend to greatly expand the activity of our Israeli development center following the raising of capital."
Trax currently has 40 employees at its Israeli development center.
Published by Globes [online], Israel business news - www.globes-online.com - on August 5, 2013
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