Trax Retail

Trax
Website Screenshot
Type of business Private
Founded 2010 (2010)
Headquarters Singapore
Area served Worldwide
Key people

Joel Bar-El
(CEO),

Dror Feldheim
(CCO and co-founder)
Industry Software for Retail & CPG
Website www.traxretail.com
Current status Active

Trax is a technology company headquartered in Singapore, with offices throughout APAC, Europe, Middle East, North America and South America. Its computer vision technology is used by FMCG companies such as Coca-Cola[1] and retailers to collect, measure and analyse what is happening on physical shelves.

History

Founded in 2010, Trax has over 150 customers in the Retail and FMCG industries, including beverage giant Coca-Cola and brewer Anheuser-Busch InBev. Its service is available in 45 markets and the company's development centre is located in Tel Aviv.[2] Trax closed its first round of funding for US$1.1 million, in June, 2011. They opened their Tel-Aviv office in July, 2012, and closed their second round of funding for US$6.4 million in December, 2012. Their third round of funding for US$15.7 million closed in February, 2014. In December 2014 Trax announced its fourth round of investment of US$15 million.[3]

In 2015, Trax opened their first two regional offices, London in January, and Brazil in April. In March 2016, Trax established their LATAM headquarters in Atlanta, Georgia. Trax announced a 5th round of funding for US$40 million on June 8, 2016.[4] Two new regional offices were opened in Shanghai and Mexico City, in June and September 2016 respectively. On February 8, 2017, Trax closed their sixth round of funding for US$19.5 million.[5] On June 30, 2017 Trax announced its most recent funding round of US$64 million lead by global private equity giant Warburg Pincus.[6]

Mergers and Acquisitions

On July 12, 2017, Trax announced that they had acquired Nielsen Store Observation (NSO) assets in the USA from Nielsen Corporation.[7] On January 18, 2018, Trax announced that they had acquired US-based Quri, the leader in crowdsourced in-store conditions data for the Consumer Packaged Goods (CPG) industry.[8]

Software and Services

Trax reduces the time an employee needs to spend on audits to check inventory, shelf display and product promotions. It is also gathers more extensive data such as product assortment, shelf space, pricing, promotions, shelf location and arrangement of products on display. This market intelligence is valuable to Retail and FMCG manufacturers because they pay large sums for space in supermarkets and stores. For example, in the US companies pay approximately $18 billion for shelf space.

Technology

The computer vision technology uses Artificial Intelligence, fine-grained image recognition, and machine learning engines to convert store images into shelf insights.[9] Trax is able to recognise products that are similar or identical such as branded drinks or shampoo bottles whilst also being able to differentiate between them based on variety and size. It piloted its machine learning algorithms with initial customers, allowing its algorithm to learn about different products. As the company processes more images, the better it gets at recognising the same products in different shapes and sizes.[2]. To date, Trax has recognized more than 8 billion images, and recognizes approximately 400,000 million new products per month.

References

  1. ↑ O'Donoghue, Jasmine (November 10, 2014). "Three most innovative manufacturers named". FOOD Magazine. Retrieved August 20, 2015.
  2. 1 2 Chng, Grace (September 3, 2015). "The 'eyes' that help a store track its goods". The Straits Times. Retrieved September 6, 2015.
  3. ↑ Shahi, Twishy (December 16, 2014). "Singapore's Trax Image Recognition raises US$15M funding". e27. Retrieved August 20, 2015.
  4. ↑ Trax Press Release (June 8, 2016). "Trax Image Recognition raises $40 mln in funding round".
  5. ↑ Trax Press Release (February 8, 2017). "Trax Image Recognition Raises $19.5M in Funding".
  6. ↑ Trax Press Release (June 30, 2017). "Warburg Pincus Leads $64M Round In Asian Retail Computer Vision Firm Trax".
  7. ↑ Trax Press Release (July 12, 2017). "Trax Acquires Nielsen Store Observation (NSO) Assets in USA".
  8. ↑ "Trax Acquires Quri to Unleash the 'Power of the Crowd' | News | Trax". Trax Retail. Retrieved 2018-04-30.
  9. ↑ Trax (2018-03-29), The Trax Computer Vision Platform, retrieved 2018-04-30
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