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Aya Lin · · 1 min readIn brief: Singapore startup Trax in talks to raise $100m
- Singapore-based Trax Technology Solutions is in talks to raise US$100 million at a pre-money valuation of about US$1.1 billion, a price tag that could make it the second most valuable startup in the city-state, Bloomberg reports.
- The startup, which develops image recognition software, will use the proceeds to fund three acquisitions. It recently signed a deal to buy a direct competitor in Beijing and is in advanced negotiations to buy a European rival and a US company, Trax CEO Joel Bar-El said.
- Trax is looking to go public in 18 to 24 months, Bar-El said. It initially planned to list its shares on Nasdaq or the New York Stock Exchange, but it’s now also in discussions with the Singapore Exchange for a potential dual listing.
Editing by Eileen C. Ang
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