Singapore new retail tech developer Trax raises $125mn

By BizClik Admin

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

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia


Huawei smartwatch goes for gold with Ultimate Edition


How IKEA India plans to double business, triple headcount

Corporate Finance