Trax raises $40m series C to bring image recognition tech to North American retailers

Image credit: Trax.

Singapore-based image recognition startup Trax has raised US$40 million in a series C round, it announced today. The funding comes from existing investors in the company.

Including this amount, Trax has raised a total of US$78 million to date. The round was based on a valuation of US$180 million. Post-series C, the company is valued at US$220 million.

Trax applies computer vision technology to retail and the fast-moving consumer goods (FMCG) sector – packaged products ranging from soft drinks to processed foods. The tech has many applications, all made possible by taking pictures of products with a common smartphone camera and having the company’s own online engine analyze them.

It enables FMCG brands to have more control over how their products are arranged on retailers’ shelves and helps consumers get more information on the products in front of them.

See: This Singapore startup has grown globally with its image recognition tech

The funding is immediately available to Trax in its entirety and will be used to continue its push into North America and partnerships with top-tier retailer chains there. The retailers in question are undisclosed because of confidentiality agreements during pilot tests.

Trax will also develop new products with these partnerships in mind that include integration of its technology with store-roaming robots, fixed cameras and smart coolers that keep constant track of products, and adaptation of its consumer app to retailer-specific loyalty apps.

The Singapore-headquartered company offers its services in over 40 countries and counts brands like Coca-Cola, Heineken, Nestle, and Henkel among its clients. It employs over 220 people, 130 of whom are based in its research and development center in Tel Aviv.

“Trax is very much a part of the thriving high-tech scene in Israel. We have pioneered a proprietary deep learning platform to power our image recognition process,” says co-founder and CEO Joel Bar-El.