SINGAPORE - Singapore-based image recognition company Trax has completed its largest investment round to date of US$64 million led by an affiliate of private equity firm Warburg Pincus.
The fundraising round will make Warburg Pincus the largest institutional shareholder of Trax. Several existing shareholders also took part in the round.
The funds raised will be used to drive growth across the company's core markets in the United States, Europe, Latin America and Asia.
Trax's algorithm uses computer vision technology to recognise images taken of products on shelves and the way they are displayed.
The algorithm can determine the availability, assortment, shelf space, pricing, promotions, shelf location and special arrangements such as arranging a product display from left to right according to price.
The data can be turned into into intelligence, insights and recommendations to consumer goods companies and retailers.
The company has global market coverage with over six billion product images indexed, in over one million stores across 50 countries. It serves many of the world's top consumer packaged goods manufacturers including Coca-Cola, AB InBev, Nestle and Henkel.
"Trax has the potential to become the one stop "go to" solution for all retail info - essentially the 'Bloomberg of Retail'. Machine learning underpins Trax' computer vision technology which is an important area of focus for Warburg Pincus and we look forward to working with Joel and the Trax team to further expand its market-leading offerings," said Mr Jeffrey Perlman, the managing director and head of South-east Asia of Warburg Pincus.