The funding will also be used to expand Trax’s Dynamic Merchandising - a partnership with on-demand work platform Flexforce and Shopkick, the shopping rewards app Trax acquired in 2019 - into new markets over the next one to two years. More specifically, we will use the capital to accelerate growth and triple-down on continued innovation across our core vision, machine learning, IoT and marketplace technologies.” The company says it serves customers in more than 90 countries.īehar told TechCrunch that the new funding will be used to “invest heavily in global strategies and technology for our flagship Retail Watch solution, as we look for ways to make it easier for retailers and brands to continue their digitization journey. Reports emerged last year that it is considering a public offering, but chief executive officer Justin Behar had no comment when asked by TechCrunch if Trax is planning for an IPO.įounded in 2010 and headquartered in Singapore, Trax also has offices in Brazil, the United States, China, the United Kingdom, Israel, Mexico, Japan, Hungary, France, Russia and Australia. Trax did not disclose a new valuation, but reportedly hit unicorn status in 2019.
Trax retail series#
Morgan acted as a placement agent to Trax on its Series E, which brings its total funding so far to $1.02 billion. Other participants included new investors OMERS and Sony Innovation Fund by IGV.īefore this round, Trax had raised $360 million in primary funds. The round included primary and secondary capital, and was led by SoftBank Vision Fund 2 and returning investor BlackRock.
Trax retail software#
The Singapore-based company announced today that it has raised $640 million in Series E funding to expand its products, which combine computer vision and cloud-based software to help brick-and-mortar stores manage their inventory, merchandising and operations. Retail analytics unicorn Trax expects that this openness to tech innovation will continue even after the pandemic.
Image Credits: TraxĬOVID-19 forced many retailers and brands to adopt new technologies. Another solution - Dynamic Merchandising - helps you find temporary employees to perform work in stores, for example, if you urgently need to move goods from the warehouse to the trading room.Trax’s co-founders, Joel Bar-El (left) and Dror Feldheim (right), and Trax’s CEO, Justin Behar (center). Retail Watch can also be used for online sales to show customers what items are available. Retail Watch sends warnings if there is not enough goods left or it is not in place, as well as if errors are found on price tags. The company's flagship solution, Retail Watch, collects product data on shelves using video cameras and autonomous robots in combination with computer vision technologies and machine learning. Trax uses the funds raised to promote business in the global market, as well as to develop its products. To analyze sales, the service uses technologies ( computer sight the area artificial intelligence associated with image and video analysis), and.
Trax retail Offline#
Trax helps offline stores manage operational processes, inventory and merchandising, and brands get real-time data sales, prices, competitor promotions, and more. In addition, Russian private investors from the closed club Digital Horizon Select took part in the round. The $640 million round was led by Softbank Vision Fund 2 and BlackRock. Unicorn plans to improve product recognition technologies on store shelves and enter various markets. On April 13, 2021, Digital Horizon announced its investment in the Trax Retail retail analytics platform. History 2021: Investment from Digital Horizon The company serves customers from more than 90 countries. The company's offices for April 2021 are located in Brazil, the USA, China, Great Britain, Israel, Mexico, Japan, Hungary, France, Russia and Australia. The company analyzes data at retail outlets using a combination of computer vision, cloud software and the Internet of Things.
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