Trax, a leading computer image recognition company transforming physical commerce, has secured $ 640 million in a Series E financing round led by SoftBank Vision Fund 21 and technology-focused funds managed by existing investor BlackRock. , Inc. This round of primary and secondary capital also featured the participation of new investors, including OMERS, one of Canada’s largest pension plans, and the Sony Innovation Fund by IGV2.
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Joel Bar-El, Justin Behar, Dror Feldheim (Photo: Business Wire)
Trax’s cloud platform is accelerating the digital transformation of consumer packaged goods (CPG) companies and grocery retailers by providing granular visibility into rapidly changing store conditions. Trax solutions enable users to make timely, data-driven decisions and implement immediate corrective actions. As a result, brands and retailers are accelerating their growth, reducing costs, and driving brand and product recognition and end-customer purchase intent. Powered by its proprietary computerized image recognition technology, advanced Internet of Things hardware, on-demand workforce and shopper solutions, Trax enables its customers to deliver the best shopping experiences imaginable.
“We are witnessing the adoption of digital technologies by the retail industry at an unprecedented rate and scale,” said Joel Bar-El, Trax CEO and Co-Founder. “Despite the turbulence of 2020, we made great strides in our business thanks to the hard work, dedication and team spirit at Trax. Our many solutions address the complex needs of consumer brands and retailers as they grow. rapidly adapt to changes in consumer behavior. This round of financing confidently places Trax at the forefront of the future of retail, where physical and digital combine in new ways to deliver meaningful experiences for shoppers. “
“Through its innovative artificial intelligence platform and image recognition technologies, we believe Trax is optimizing retail stores by enabling CPG brands and retailers to execute better inventory strategies through the use of data and analytics.” said Chris Lee, director of SoftBank Investment Advisers. “We are excited to partner with the Trax team to help them expand their product offerings and enter new markets.”
“Trax has been building its sophisticated AI-powered retail cloud platform for more than a decade,” said Justin Behar, Trax CEO. “We began our journey creating novel computerized image recognition solutions for retail and have since expanded our capabilities to meet the changing needs of the modern retail ecosystem. Through this significant investment from SoftBank, BlackRock and others, we will invest in our team. , we will expand our market leadership, continue to expand our retail business, and pave the way to new limits of innovation and long-term growth. “
Since its inception in 2021, Trax has pioneered technological advancements for the industry. Last year, Trax launched a standalone shelf monitoring solution as well as a dynamic AI-powered advocacy service to help brands and retailers keep products on the shelves with Trax Flexforce, and with a market of collective collaboration on demand.
JP Morgan acted as Trax’s placement agent in this investment round.
For more information about the Trax retail platform, visit www.traxretail.com.
Trax’s mission is to enable brands and retailers to harness the power of digital technologies to produce the best shopping experiences imaginable. Trax’s Retail Platform enables customers to understand what’s happening on the shelves, in every store, all the time so they can focus on what they do best – delighting shoppers. Trax and its dynamic merchandising, in-store execution, buyer engagement, market measurement, analytics and shelf monitoring solutions on a large scale are used by many of the world’s leading CPG retailers and CPG manufacturers to generate positive experiences for buyers and increase sales. As pioneers in computerized image recognition, Trax continues to lead the industry in innovation and excellence through the development of advanced technologies and autonomous data collection methods. Trax is a global company with centers in the United States, Singapore and Israel, serving clients in more than 90 countries around the world.
1 As of the date of this press release, SoftBank Group Corp. has made capital contributions to enable SoftBank Vision Fund 2 (“SVF 2”) investments in certain portfolio companies. The information in this document is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase limited partnership shares in any fund, including SVF 2. SVF 2 has not yet had an external close, and any Potential third party investor will receive additional information related to any SVF 2 investment prior to closing.
2 Innovation Growth Ventures Co., Ltd. (IGV) is managed by Sony Innovation Fund and Daiwa Capital Holdings
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