Trax, has secured $100M in a new funding from HOPU Investment Management Company. This latest funding gives the company a $1.1B valuation to become the second unicorn in Singapore after Grab, a transportation network company who has was valued mind-boggling $14B in Mar 2019.
Trax has previously raised $286.7M in funding prior to the latest fundraising. It's previous investors include Boyu Capital, Warburg Pincus, Investec, & Broad Peak Investment among others. With this latest round Trax now has a total of $386.7M in funding to-date.
Trax founded in 2010 by Dror Feldheim, is a world leader in image recognition for retail, providing leading technology & market data services to tier one manufacturers in over 45 countries around the world. It's computer vision technology is used by over 150 companies including FMCG companies such as Coca-Cola, ABInBev, Heineken, Nestle and Henkel and other retailers to collect, measure and analyse what is happening on physical shelves.
Trax, ranked in the top 25 Fastest Growing Companies on Deloitte’s Technology Fast 500 list, is able to recognise products that are similar or identical such as branded drinks or shampoo bottles whilst also being able to differentiate between them based on variety and size. It piloted its machine learning algorithms with initial customers, allowing its algorithm to learn about different products.
As the company processes more images, the better it gets at recognising the same products in different shapes and sizes. To date, Trax has recognized more than 8 billion images, and recognizes approximately 400,000 million new products per month.