Singapore based retail analytics company Trax has acquired Paris-based AI-startup Qopius. The acquisition will be of advantage to Trax in pushing real-time store monitoring and autonomous inventory management into mainstream adoption.
Qopius founded in 2015 is a hardware-agnostic computer vision platform that helps retailers assess shelf performance, productivity and rule out the possibility of out-of-stock situations. The company’s technology makes use of advanced retail data integration and analytics to help staff and managers in achieving maximum productivity and improved sales.
Trax Co-Founder and CEO, Joel Bar-El, stated: “The key to retail success in the new decade is using technology to support employees. This means capturing critical shelf data in real-time to enable employees to fix merchandising and availability issues faster than ever before.”
By acquiring Qopius, Trax plans to widen its horizons within the grocery retail space by offering an innovative approach to improve store operations by utilizing always-on shelf monitoring. Also, current market trends are focusing on improving customer experience and the latest integration will put Trax in the spotlight.
Trax has been on a spree, acquiring several companies including LenzTech in China, Shopkick in the US, and Planorama in Europe. The company had also raised about $100 million last year backed by Warburg Pincus, Blackrock, GIC, and Boyu Capital. As of now the startup has raised around $360 million and is now valued at $1.4 billion.
Reliance Industries acquires two companies to push clean energy
Piramal Group acquires crisis-hit Dewan Housing Finance Corporation (DHFL)
Tomorrow Retail welcomes Daryl Porter to lead the New Global Omni Operations Division
Indian Startup Dukaan raises $11 million to enable merchants set-up online stores
Reliance Retail to acquire Subway India for Rs 1,488-1,860 crore
© 2021 CIO Bulletin. All rights reserved.