Trax: The Computer Vision Technology Company Revolutionizing Retail

Trax is a technology company that provides computer vision technology to the retail and FMCG industries. The company was founded in 2010 by Joel Bar-El and Dror Feldheim, and it is headquartered in Singapore. Trax has offices across the Asia-Pacific, Europe, the Middle East, North America, and South America, with more than 150 customers, including Coca-Cola and Anheuser-Busch InBev, using their services in 45 markets.

History and Expansion

Trax’s development center opened in July 2012 in Tel Aviv. In 2015, the company opened its first two regional offices in London and São Paulo, Brazil. In March 2016, Trax established its US headquarters in Atlanta, Georgia, and in June and September 2016, respectively, it opened two more regional offices in Shanghai and Mexico City.

Funding

Trax has received a total of $848.9 million in funding, with $650 million raised in April 2021 in a series E round led by SoftBank Vision Fund and BlackRock. Trax previously raised $100 million in a series D round led by Chinese alternative asset manager Hopu Investments in July 2019, and in June 2016 and February 2017, it raised $40 million and $19.5 million, respectively, as part of its series C round, led by Broad Peak Investments.

Organizational Changes

In February 2021, Trax announced key organizational changes. Justin Behar, who joined Trax in 2018 as part of the acquisition of Quri, a company he founded, became the Chief Executive Officer. Trax co-founders Joel Bar-El and Dror Feldheim were appointed Executive Chairman and President, respectively. Bar-El now heads efforts on corporate strategy, long-term vision and innovation, and shareholder value creation, while Feldheim leads new growth initiatives, global partnerships/alliances, and M&A.

Mergers and Acquisitions

Trax has made seven acquisitions since its inception:

In July 2017, Trax acquired Nielsen Store Observations (NSO) project-based services in the US from Nielsen Corporation.

In January 2018, it acquired Quri, a provider of crowdsourced data on in-store conditions for the consumer packaged goods (CPG) industry.

In June 2019, Trax acquired LenzTech, a Chinese-based company providing artificial intelligence (AI), crowdsourcing services, and Big Data analysis to the retail market.

In July 2019, Trax acquired Shopkick, a US-based company whose shopping app for smartphones and tablets allows users to earn rewards for their online and in-store shopping activities.

Partnerships

In January 2019, Trax announced a partnership with Google Cloud Platform. Trax aims to deliver its Retail Watch image recognition product and machine learning capability to retailers to provide real-time shelf insights, such as out-of-stock products.

Products and Services

Trax offers Computer Vision-led products and services to CPG manufacturers and retailers. Its products and services fall into several categories: In-store execution, space planning, market measurement & strategy, and store management.

Trax’s computer vision technology uses artificial intelligence, fine-grained image recognition, and machine learning engines to convert store images into shelf insights. The technology can recognize products that are similar or identical, such as branded drinks or shampoo bottles but can also differentiate between them based on variety and size.

Trax piloted its machine learning algorithms with initial customers, allowing its algorithm to learn about different products. As the company processes more images, the better the technology gets at recognizing the same products in different shapes and sizes.

Conclusion

In conclusion, Trax is a leading technology company that provides innovative computer vision solutions for the retail and FMCG industries. With its headquarters in Singapore and offices across the world, the company has established itself as a global player in the industry. Trax has undergone significant organizational changes, including its recent appointment of a new CEO and its co-founders assuming new roles as Executive Chairman and President. Additionally, Trax has expanded through strategic acquisitions and partnerships, including its recent acquisition of Shopkick and partnership with Google Cloud Platform. The company’s computer vision technology is powered by artificial intelligence, fine-grained image recognition, and machine learning engines, providing retailers and CPG manufacturers with real-time shelf insights. With continued innovation and growth, Trax is poised to remain at the forefront of the retail technology industry.