Retail tech startup Trax banks $100m in series D round

Singapore-based retail technology startup Trax has raised US$100 million in a series D round led by Chinese alternative asset manager Hopu Investments.

It was previously reported that Trax was in talks to raise the said amount at a pre-money valuation of about US$1.1 billion.

Freight, a robot that uses Trax image recognition technology to analyze in-store product placement / Photo credit: Trax

Trax said it will use the fresh investment to further support its global expansion and accelerate the mass-market deployment of its retail solutions. It also looks to increase its footprint in China, according to a statement.

The company previously said it plans to use the new capital to finance three acquisitions. Trax CEO Joel Bar-El also said in May that the company looks to go public in 18 to 24 months.

Trax develops image recognition software and uses an IoT camera system to provide consumer packaged goods companies with shelf and store-level insights.

Founded in 2010, it claims to operate in over 50 countries, with more than 175 client engagements. It counts Warburg Pincus as its largest shareholder, and Boyu Capital, Investec, and GIC among its existing investors.