Singapore investors help Trax secure $40m

Israeli retail image-recognition platform Trax has secured US$40 million in Series C funding from its shareholders, including Temasek-backed Broad Peak Investment Advisers in Singapore.

Including this latest round, the company has raised $78 million to date. The proceeds will be used for global expansion with a focus on North America, plus developing a product line for top-tier retailers, says co-founder/CEO Joel Bar-El.

Using shelf images, Trax provides data, intelligence, insights and recommendations to consumer goods companies and retailers in more than 40 countries. It claims that it recognises more than 8 million images with more than a million store visits every month.

Headquartered in Singapore with offices on every continent, Trax has more than 220 employees. This includes 130 employees in its R&D and Computer Vision Centre of Excellence in Tel Aviv.

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