Singapore-based image recognition technology firm, Trax, a startup that is backed by GIC and US private equity giant, Warburg Pincus, has raised US$100 million in its latest funding round, becoming Singapore’s second unicorn after Grab.
The Series D round was led by Chinese private-equity firm, Hopu Investments, an alternative asset manager in Asia focusing on the consumer and technology sectors.
Trax offers in-store execution, market measurement, and data analytics for manufacturers and retailers of consumer products. It combines its proprietary fine-grained image recognition technology and machine-learning with an Internet of Things (IoT) platform, to transform images of retail shelves into granular, actionable shelf with store-level insights.
The company is also engaged in digital transformation projects with global retailers by providing them with continuous shelf-tracking through its software and wireless IoT camera system.
The startup plans to use the new investment to further support its global expansion and speed up the mass-market deployment of its retail solutions. It also plans to increase its footprint in greater China.
The company is headquartered in Singapore, but carries out the majority of its research and development out of Israel. Trax counts GIC, Boyu Capital, and Investec among its existing investors, while Warburg Pincus remains as its largest shareholder.