SAN FRANCISCO and SINGAPORE –
Trax, a leading computer vision company transforming brick and mortar retail in one Series E financing roundfunded by SoftBank Vision Fund 21 and backed $ 640 million by technology-driven funds managed by existing investor BlackRock, Inc. This round of primary and secondary capital also attracted new investors, including OMERS, one of Canada’s largest defined benefit plans, and IGV’s Sony Innovation Fund2.
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Joel Bar-El, Justin Behar, Dror Feldheim (Photo: Business Wire)
Trax’s cloud platform accelerates the digital transformation of consumer packaged goods (CPG) companies and grocery retailers by providing a detailed view of rapidly changing business conditions. With Trax solutions, users can make timely, data-driven decisions and take immediate corrective action. As a result, brands and retailers accelerate growth, reduce costs, and drive awareness and purchase intent. Based on its proprietary computer vision, advanced hardware for the Internet of Things, on-demand employees and shopper solutions, Trax offers its customers the best possible shopping experience.
“We are seeing the retail industry adopt digital technologies at an unprecedented rate and scale,” said Joel Bar-El, Executive Chairman and Co-Founder of Trax. “Despite the turbulence in 2020, we have made tremendous progress in our business because of the hard work, dedication and team spirit at Trax. Our wide range of solutions meet the complex needs of CPG brands and retailers as they adapt quickly to changing consumer behavior. With this funding, Trax is confidently at the forefront of the future of retail, where the physical and digital combine in new ways to deliver meaningful experiences to customers. ”
“We believe that Trax, through its innovative AI platform and image recognition technologies, is optimizing retail stores by enabling CPG brands and retailers to use data and analytics to implement better inventory strategies,” said Chris Lee, director, SoftBank Investment Advisers. “We are excited to work with the Trax team to expand the product offering and open up new markets.”
“Trax has been building its advanced, AI-powered cloud platform for retail for more than a decade,” said Justin Behar, CEO of Trax. “With this significant investment from Softbank, BlackRock and others, we will be investing in our team, building our market leadership, expanding our retail business and driving the next levels of long-term growth and innovation.”
Since its inception in 2010, Trax has made a number of technological advances for the industry. Last year, Trax did one Range of autonomous shelf monitoring solutions and an AI-controlled one dynamic merchandising service Launched at the enterprise level, with brands and retailers using Trax Flexforce, an on-demand crowd marketplace, can keep products on the shelves.
JP Morgan acted as an agent for Trax in this investment round.
For more information on Trax’s retail platform, please visit www.traxretail.com.
Trax is committed to empowering brands and retailers to harness the power of digital technology to deliver the best shopping experiences imaginable. Trax’s retail platform enables customers to understand what is happening on the shelf in each store at all times, so they can focus on what they do best and delight customers. Many of the world‘s leading CPG companies and retailers use Trax’s dynamic solutions for dynamic merchandising, in-store execution, customer loyalty, market measurement, analysis and shelf monitoring to drive positive customer experiences and unlock sales opportunities at all points of sale. As a pioneer in machine vision, Trax continues to lead in innovation and excellence through the development of advanced technologies and autonomous data acquisition methods. Trax is a global company with hubs in the US, Singapore and Israel serving customers in more than 90 countries worldwide.
1 As of the date of this press release, SoftBank Group Corp. Contributions made to enable SoftBank Vision Fund 2 (“SVF 2”) to invest in certain portfolio companies. The information contained herein is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partner interests in any fund, including SVF 2 Completion of receiving additional information on SVF 2 systems.
2 Innovation Growth Ventures Co., Ltd. (IGV) is managed by the Sony Innovation Fund and Daiwa Capital Holdings
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Quelle: Business Wire