Trax Image Recognition for retail, from Singapore and Israel, raised $40 million in a Series C round from existing shareholders, its largest to date. The company will use the funds to expand its global operations with a focus in North America and a new product line for top tier retailers.
Founded in 2010, Trax has raised a total of $78 million with existing shareholders.
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Trax turns shelf images into real-time actionable insights by delivering a unique image recognition platform for the retail industry.
Headquartered in Singapore, with offices across Asia Pacific, Europe, Middle East, North America and South America. among thier users top brands such as Coca-Cola, AB InBev, Heineken, Nestle and Henkel.
The company say they recognizing over 8 million images (with more than 1 million store visits) every month. Trax provides data, intelligence, insights and recommendations to consumer good companies and retailers in over 40 countries.
“We are incredibly excited to expand our footprint in North America, particularly with retailers in the United States. We have found the market extremely enthusiastic and eager to leverage our advanced machine learning technology and retail data science solutions, ” said Dror Feldheim, Co-Founder and Chief Commercial Officer at Trax. “Retailers turn our data and insights into broader market intelligence and highly accurate trend predictions that shine a light on new ways to improve their customer experiences in-store”.
With over 220 global employees, 130 of which are based in the company’s R&D and Computer Vision Centre of Excellence in Tel Aviv, Israel. “Trax is very much a part of the thriving high-tech scene in Israel, ” says Trax Co-Founder and Chief Executive Officer, Joel Bar-El. “We have pioneered a proprietary deep learning platform, which is a form of Artificial Intelligence, to power our image recognition process”.
READ MORE: Trax
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