Singapore based retail solutions startup, Trax, is now part of the unicorn club as it raises $100 million at a pre-money valuation of $1.1 billion. The funding makes it the second most valuable startup in the city-state.
Trax is the global leader in computer vision solutions for retail. The company offers best-in-class in-store execution tools, market measurement services, and data science solutions that are fundamentally transforming how in-store retail data is being collected, viewed and analyzed. Their proprietary technology uses a combination of image recognition, deep learning, and data science to turn shelf images captured with mobile devices, fixed cameras or robots into real-time actionable insights. Their insights, recommendations, and predictions not only help merchants and vendors measure and monitor their in-store execution performance but also unlock revenue opportunities in the marketplace.
Trax’s image recognition technology is used by global consumer packaged goods companies, including Coca-Cola Co. and Nestle SA, to track their products on retail shelves. The company now has 175 clients in 50 countries and counts private equity firm Warburg Pincus as its biggest shareholder.
Trax’s new fundraising round is expected to close by the end of June, Chief Executive Officer Joel Bar-El said in an interview ahead of a conference at Singapore Exchange Ltd.
The company raised $125 Million last year in a round led by Chinese private equity firm Boyu Capital, and Singapore’s GIC came on board as a shareholder later. This new round brings the company’s total funds raised to about $225 Million.
These funds are aimed towards financing three acquisitions: LenzTech Co., a Beijing computer vision technology service provider, a European competitor, and a U.S. based company.
These acquisitions are a step in the company’s plans for an IPO, slated to be launched in the next 2 years. Trax has long planned for the listing on Nasdaq or the New York Stock Exchange.
“We are having a discussion with SGX for a potential dual listing,” Bar-El said. SGX has proposed doing a listing in Singapore first and then in New York, which Trax is reviewing. “New York, for sure, we are going eventually. Now we have grown to a substantial size, both in terms of revenues and the number of people, global spread, we feel that the company is ready for an IPO.”