Trax follows funding round with Planorama acquisition
Singapore-headquartered computer vision and analytics solutions provider, Trax, has bought Planorama, a European supplier of image recognition services for retail execution and merchandising for consumer packaged goods (CPG) companies. Terms of the deal were not disclosed.
This follows on from Trax’s acquisition of Chinese AI and Big Data service provider, LenzTech, and US-based shopping rewards app, Shopkick. “This is an important moment for us as we continue to expand our reach and strengthen our capabilities available to current and prospective customers,” says Joel Bar-El, CEO and Co-founder, Trax.
“By combining our innovative cultures, we see an incredible opportunity to leverage the best of both companies’ leading technologies, product offerings, delivery expertise and talent. I am confident that we will deliver exceptional outcomes for CPG brands and retailers worldwide.”
Major funding round
Last week, we reported that Trax had closed a $100 million Series D round, valuing it at over $1.1 billion. This was led by Asia’s HOPU Investments. The venture has now raised over $350 million in equity financing, counting Warburg Pincus as its largest shareholder, with other investors including Boyu Capital, Investec and GIC. Further details here.