The retail analytics company Traxhas announced that it has raised $640 million in Series E financing. The round was led by SoftBank Vision Fund 2and technology-focused funds managed by existing investor BlackRock, Inc.The round also saw participation from new investors OMERS, and Sony Innovation Fund by IGV.
As the retail industry adopts digital technologies at a rapid pace, Trax’ssolution address the complex needs of the CPG brands and retailers. Trax is helping them adjust to the mood of the consumers. Its solutions enable its customers to make timely, data-driven decisions and implement immediate corrective actions.
“Through its innovative AI platform and image recognition technologies, we believe Trax is optimizing retail stores by enabling CPG brands and retailers to execute better inventory strategies using data and analytics,” said Chris Lee, director at SoftBank Investment Advisers. “We are excited to partner with the Trax team to help expand their product offerings and enter new markets.”
Singapore-based Trax is known for its AI-powered, retail cloud platform. The investment from the investors will help the company grow its team and extend its market leadership. The funding will help power the company’s next stages of long-term growth and innovation.
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