Trax closes USD 100 million Series D round, looks to cement foothold in China

The company will likely become Singapore’s second unicorn.

Trax, a Singapore-headquartered image recognition technology firm, has closed its Series D round to raise USD 100 million, the company said in an official statement.

The round was led by HOPU Investments, a private equity firm focusing on China-related venture opportunities with a strong focus on the consumer and technology sectors.

Trax operates a platform that tracks products on store shelves and provides inventory management and analytics. It is being used in more than 50 countries, including China, where it expanded to in January 2018.

The fresh funds will be used to support its global expansion plans and secure Trax’s foothold in China, chief commercial officer and co-founder Dror Feldheim said in the statement.

“We are convinced that Trax can grow rapidly in China’s consumer landscape. Trax’s global leading technology and CPG experience, coupled with its entrepreneurial management team, should allow it to quickly capture this white space,” HOPU’s director Gunther Hamm said in the statement.

Headquartered in Singapore, Trax does most of its research in Israel. The company counts global brands like Coca-Cola, Heineken, and Nestle as its clients.

Previous investors include Warung Pincus, Boyu Capital, Investec, and GIC.

Trax has raised more than USD 350 million so far and is reportedly eyeing an initial public offering in the United States within the next two years, the company’s chief executive and co-founder Joel Bar-El told Reuters in an interview last month. The US is Trax’s biggest market.

Currently, Grab is the only acknowledged unicorn—a startup with a valuation of over USD 1 billion—in Singapore. While Trax did not disclose its valuation, a source with direct knowledge of the deal said the company is currently valued at USD 1.3 billion, Reuters reportedIf this valuation is confirmed, Trax is en route to becoming the city-state’s second unicorn.