Singapore new retail tech developer Trax raises $125mn

Trax, a Singaporean company which provides computer vision solutions and analytics, has raised $125mn in its latest funding round.

Trax has been around for eight years and provides in-store technology services for consumer-packaged goods brands and retailers. The solution affords sales representatives detailed information and insights, thus bringing technology into brick-and-mortar stores and contributing to the growing omnichannel space. Trax currently operates in over 50 countries.

The round was led by investment firm Boyu Capital and also included DC Thomson, a UK media organisation. Part of the transaction involves the sale of some shares from earlier investors.

See also:

Singapore IPOs up by 78% in first half of 2018

Indian meal delivery platform Swiggy becomes unicorn with $210mn funding

Wanda and Tencent join forces for omnichannel retail

Joey Chen, Managing Director of Boyu Capital, said according to China Money Network: “The investment in Trax is driven by our conviction in the compelling value proposition of one technology solution that enable digitalisation of brick and mortar retail. We are impressed by the wide recognition of Trax’s cloud-based one-stop solutions by the world’s largest CPG companies and retailers.”

He added: “Compared to developed markets such as Europe and the US, the use of digital retail solutions by Chinese consumer goods companies and retailers is still in its early stages. And with the world’s largest retail market and number of outlets, we see a promising future for Trax’s development in China.”

Trax has stated it will use the new funding to support global expansion and accelerate mass-market deployment of its solutions, with Greater China being a core area for expansion.



Featured Articles

Top 10 best-performing Australian companies: mines to banks

Among Australia’s largest companies by market cap are the country’s Big Four banks, a tech startup that successfully scaled, and two firms with female CEOs

Top 10 richest Southeast Asia: how they made their fortunes

From Singapore’s paint tycoon to Malaysia’s sugar king, we round up the 10 richest people in Southeast Asia – and investigate how they made their billions

Will moonlighting ever become accepted practice in India?

While not a new phenomenon, moonlighting has become a hot button issue across India with IT majors cracking down on it. Will the practice ever be accepted?

New YouTube CEO Neal Mohan joins surge of Indian-origin CEOs

Leadership & Strategy

Ex Infosys President Ravi Kumar is the CEO Cognizant needs

Leadership & Strategy

How India is bucking the global dealmaking downturn

Corporate Finance