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.
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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.
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