Israeli startup for computer vision solutions and analytics for retail, Trax, has raised $100 million led by Chinese private equity fund Hopu Investments and becomes Singapore’s second unicorn.
Founded in 2010 by CEO Joel Bar-El and CCO Dror Feldheim, Trax has raised more than $350 million to date. Although the statement by the company did not mention a valuation, a source close to the deal said Trax was valued between $1.1 to $1.3 billion after the latest round.
The company headquartered in Singapore with research and development center in Tel Aviv, Trax now is eyeing an IPO in the United States, in the next 18-24 months, according to Reuters.
Trax has developed a system that gives consumers and retail chains track products on store shelves and provide inventory management and analytics.
The company said it would use the round to support its global expansion and accelerate the integration of its retail solutions. In addition, the fund will be used to increase the development center in Tel Aviv in order to deepen existing products and develop new tiny cameras it fits in customers’ stores to help track products.
The company operates in more than 50 countries and serves more than 175 customers. The largest shareholder in the company is the private equity firm Warburg Pincus and has also won investments from JP Morgan, Boyu Capital, Singapore sovereign wealth fund GIC and others.
In Jun 2019 acquired Shopkick, a leading shopping rewards app in the U.S. for $200 million in cash.