Trax will get $100 million funding, turns into Singapore’s second unicorn


SINGAPORE (Reuters) – Warburg Pincus-backed picture recognition expertise agency Trax, a startup that counts Heineken and Nestle amongst its shoppers, stated it has raised $100 million in its newest funding spherical, turning into Singapore’s second unicorn.

Chinese language private-equity agency Hopu Investments led the financing for the nine-year-old agency, Trax stated in a press release.

“Trax will use this newest spherical of funding to additional help the worldwide growth of the corporate and speed up mass-market deployment of its retail options,” the startup stated, including it hoped to extend its footprint in China.

The assertion didn’t point out a valuation, however a supply with direct information of the deal stated Trax was valued at $1.three billion after the newest spherical.

The corporate is headquartered in Singapore, however does the vast majority of its analysis and growth out of Israel.

Aided by profitable grants and incentives, Singapore has been ramping up its efforts to draw high-tech companies and traders because it seeks to change into Asia’s high tech hub.

Backers of Trax, whose platform helps monitor merchandise in shops and supplies shelf administration and analytics, embody Boyu Capital, Investec and Singapore sovereign wealth fund GIC.

Forward of Trax’s newest funding, analysis agency CB Insights named funds and ride-hailing agency Seize as Singapore’s solely unicorn, that are startups valued at $1 billion or over.

Trax, which has raised greater than $350 million to this point, is eyeing an IPO in the US, its largest market, within the subsequent 18-24 months, its CEO and co-founder Joel Bar-El informed Reuters in an interview final month.

The corporate plans to make use of funds for acquisitions and to finance the tiny cameras it suits in clients’ shops to assist monitor merchandise.

Reporting by Aradhana Aravindan and Anshuman Daga; Enhancing by Muralikumar Anantharaman

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