Telecommunications and internet group SoftBank’s Vision Fund 2 co-led a $640m series E round for Singapore-headquartered intelligent retail technology provider Trax yesterday with investment management firm BlackRock.
The round included Sony Innovation Fund by IGV2, a corporate venture capital vehicle for consumer electronics producer Sony, in addition to pension fund manager Omers, and it valued the company at $2bn according to Globes.
Trax provides computer vision and artificial intelligence-equipped technology that tracks in-store conditions and stock levels to help grocery retailers and consumer packaged goods (CPG) producers make more effective decisions in real time.
Chris Lee, director at SoftBank Investment Advisers, which manages Vision Fund 2, said: “Through its innovative AI platform and image recognition technologies, we believe Trax is optimising retail stores by enabling CPG brands and retailers to execute better inventory strategies using data and analytics.”
JP Morgan was placement agent to Trax on the latest round. It has now raised $975m in total, private equity firm Hopu Investments having led a $100m round in July 2019 at a $1.3bn post-money valuation.
Another private equity firm, Boyu Capital, led the company’s previous round a year earlier, when it secured $125m from investors including media company DC Thomson at a valuation approaching $1bn.
Warburg Pincus had led a $64m round for Trax in 2017, and its earlier investors include financial services firm Investec and Broad Peak Investment Advisers.
Joel Bar-El, co-founder and chairman of Trax, said: “We are witnessing the retail industry adopt digital technologies at an unprecedented pace and scale. Despite the turbulence of 2020, we made tremendous strides in our business because of the hard work, dedication and team spirit at Trax.
“Our many solutions address the complex needs of CPG brands and retailers as they rapidly adjust to shifts in consumer behaviour. This funding puts Trax confidently at the forefront of the future of retail, where the physical and digital combine in new ways to bring meaningful experiences to shoppers.”
