Singapore-based retail analytics technology provider Trax closed a $125m funding round yesterday that was led by private equity firm Boyu Capital and backed by media company DC Thomson.
Founded in 2010, Trax supplies technology to retail store operators and consumer product brands that uses computer vision technology to process photographs taken of stores by mobile devices, in order to get a more precise idea of how a retailer’s displays are working.
The round, which boosted Trax’s total funding to $235m, will support an expansion drive for the company, which has identified Greater China as a priority market. It valued the company at almost $1bn, chief executive Joel Bar-El told Bloomberg.
The latest round came after private equity firm Warburg Pincus led a $64m round for Trax in June 2017 that included unnamed existing investors.
The company had secured $19.5m in a round led by financial services firm Investec four months before, and raised $40m in series C funding from investors including Broad Peak Investment Advisers in 2016.
Dror Feldheim, co-founder and chief commercial officer of Trax, said: “We are crossing yet another inflection point in our global growth and our journey in driving the digital transformation of physical retail.
“The adoption of our solutions and services is moving at lightspeed in our core markets of the US, Europe, Asia and Latin America.”