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Retail Tech Shop Trax Raises $100M, Becomes Singapore’s Latest Unicorn

Singapore’s Trax announced today it has raised $100 million in a funding round that reportedly makes the company “Singapore’s second unicorn,” according to Reuters.

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The retail technology company raised the money from China-based Hopu Investments at a pre-money valuation of $1.2 billion, according to its Crunchbase profile. It’s now raised a total of nearly $387 million since it was founded in 2010, as you can see in the chart below. Previous backers include Warburg Pincus and DC Thomson Ventures, among others.

Trax’s computer vision technology aims to help brands understand how their “products look, perform and compete on the shelf,” according to its website. It works with consumer goods companies such as Nestle and Henkel and retailers to help them better understand how their products are performing in stores.

In 2017, Trax kicked off a partnership with Nielsen that “digitizes the shelf, allowing brands to have a more frequent and accurate measurement of how their products are represented in store and how this influences their sales.”

Reuters notes that while the company is headquartered in Singapore, it “does the majority of its research and development out of Israel.”

Earlier this year, we wrote about Austin-based Pensa Systems raising $5 million for its AI-powered autonomous drones. Its mission is similar to that of Trax: to “automatically and systematically track in-store inventory using advanced computer vision, patent-pending artificial intelligence and autonomous drones to see and understand what is on store shelves.”

Meanwhile, Trax is not the only Singaporean company raising money today. Hmlet, a self-described “co-living” company that offers rooms and full apartments for young working professionals, raised a $40 million Series B led by Germany’s Burda Principal Investments.

Illustration: Li-Anne Dias

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