July 29, 2019
Trax, the leading provider of computer vision and analytics solutions for retail, has announced the successful closure of a US$100 million investment, becoming Singapore's second unicorn. The transaction was led by HOPU Investments, one of Asia’s leading alternative asset managers, with a strong focus in the consumer and technology sectors.
Headquartered in Singapore, Trax is revolutionizing the retail industry by delivering a single source of shelf truth for Consumer Packaged Goods (CPG) companies and retailers. Trax provides in-store execution solutions, market measurement and analytics services for CPG brands and retailers by combining its proprietary fine-grained image recognition and machine learning with an IoT platform to turn photos of retail shelves into granular, actionable shelf and store-level insights.
The company is also engaged in numerous digital transformation projects with global retailers aimed at providing continuous shelf tracking through its software and wireless IoT camera system. Trax said it will use this latest round of funding to further support the global expansion of the company and accelerate mass-market deployment of its retail solutions.
To date, Trax has raised over US$350 million in equity financing and operates in over 50 countries with more than 175 client engagements. The company counts Warburg Pincus as its largest shareholder, with Boyu Capital, Investec and GIC among its existing investors. It recently was selected as a Red Herring Top 100 Global company and ranked in the top 25 Fastest Growing Companies on Deloitte’s Technology Fast 500 list.
Latham & Watkins represented Trax in the transaction with a corporate team led by Hong Kong partner Amy Beckingham, with associates Zhonghua Shi and Bing Xi Sia. Trax General Counsel Adi Oxland led the in-house team.
Commenting on the transaction, Beckingham said: “We are delighted to have advised our longtime client Trax on another successful investment round and a significant milestone for this dynamic, fast-growth company.”
Latham previously advised Trax on investment rounds by Boyu Capital and GIC, as well as on its acquisition of Quri, a provider of crowdsourced in-store conditions data for the Consumer Packaged Goods industry.