Singapore-based Trax Image Recognition (Trax), a provider of in-store shelf monitoring, analysis and technology powered by image recognition, today announced its fourth round of investment of US$15 million from existing shareholders to support the growth, new product development and technical innovation of the company.
The startup is a software as a service (SaaS) company that provides image recognition technology and market data services to tier one manufacturers.
Joel Bar-El, CEO, Trax said, “Trax is committed to constant innovation so we can always meet our customers’ needs and provide tailored offerings for the ever-changing retail industry. This round of funding will allow us to continue providing our manufacturing and retail customers with services that will ultimately allow them to make better decisions, thus helping improve sales and increase market share.”
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“It will also support our growth in geographic markets such as the US and Europe and our desire to form partnerships with companies that complement our technologies,” he added.
In addition, the new funds will also allow the company to launch new products and services to meet the requirements of its global manufacturing and retail customers. The new offerings, available in 2015, will be initiatives in market research and the consumer space. The investment will also help Trax in forming partnerships to create a position in the crowdsourcing market.
Headquartered in Singapore with offices spread across Asia Pacific, Europe, Middle East, North America and South America, Trax enables tighter execution controls in-store and helps in leveraging insights to discover revenue opportunities at all points of sale. Trax does this using iOS, Android and Windows smartphones and tablets to gain retail analytics in real-time.