Alibaba investor, Boyu Capital, backs Trax
Trax, a provider of computer vision and analytics solutions for the retail sector, has completed its largest investment round to date, raising $125 million. This was led by Chinese private equity investment firm, Boyu Capital, which is also an investor in Alibaba.
Headquartered in Singapore, the company has raised approximately $235 million in total funding and operates in over 50 countries with more than 175 client engagements. “We could not be more thrilled to have Boyu Capital as a major backer of Trax alongside Warburg Pincus, our largest shareholder,” says Joel Bar-El, Trax CEO and Co-founder.
“Their experience and insights into the scale and pace of China’s retail technology environment will be incredibly valuable. The injection of funds from Boyu will allow us to drive continued innovation of our technologies at our computer vision centre of excellence in Tel Aviv, Israel and to explore establishing an additional engineering centre in China.”
Joey Chen, MD at Boyu Capital, comments: “The investment is driven by our conviction in the compelling value proposition of new technology solutions that enable digitalisation of bricks and mortar retail. We are impressed by the wide recognition of Trax’s cloud-based one-stop-shop solutions by the world’s largest CPG companies and retailers. Compared to developed markets such as Europe and the United States, the use of digital retail solutions by Chinese consumer goods companies and retailers is still in its early stages. And with the world’s largest retail market and number of outlets, we see a promising future for Trax’s development in China.”