The proceeds will be used to continue Trax’s innovation in providing customers with continuous and actionable in-store retail insights.
Retail intelligence company Trax today announced the closing of a $64 million financing round led by an affiliate of Warburg Pincus with the participation of previous investors. The investment makes Warburg Pincus the largest institutional shareholder in Trax.
Founded in 2010 by CEO Joel Bar-El and chief commercial officer Dror Feldheim, Trax has raised well over $150 million since its inception and closed a $19.5 million financing round in February 2017 led by Investec Bank and $40 million last June. Headquartered in Singapore, more than half the company’s employees are in its Tel Aviv development center.
Trax provides in-store execution, market intelligence and data science solutions for Consumer Packaged Goods (CPG) companies and retailers by harnessing its cutting-edge computer vision platform to process photos taken in store and deliver granular store-level insights within minutes. It combines state-of-the-art fine grained recognition, machine learning and data collection methods to build a proprietary retail database and analytics products. With tens of billions of dollars spent on trade promotion, CPG companies and retailers are razor focused on their in-store execution and increasingly strategic with its planning to yield optimal results.
Trax’s solutions allow CPG companies and retailers to cost-effectively track their in-store execution gaps and shelf compliance, and give them the critical tools to optimize distribution, merchandising, pricing, and implement a perfect shelf.
The company has global market coverage with over 6 billion product images indexed, in over 1 million stores across 50 countries. It serves many of the top 20 CPG manufacturers in the world including Coca-Cola, AB InBev, Nestle and Henkel.
Source: Globes
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