Trax has secured $640 million in a Series E financing round led by SoftBank Vision Fund 2 and technology-focused funds managed by existing investor BlackRock.
This round of primary and secondary capital also saw participation from new investors including OMERS, one of Canada’s largest defined benefit pension plans, and Sony Innovation Fund by IGV.
J.P. Morgan acted as a placement agent to Trax on this investment round.
Trax’s cloud platform is accelerating the digital transformation of consumer packaged goods (CPG) companies and grocery retailers by providing granular visibility of rapidly changing store conditions. Trax solutions enable users to make timely, data-driven decisions and implement immediate corrective actions. As a result, brands and retailers are accelerating growth, reducing costs, and driving awareness and purchase intent.
“Our many solutions address the complex needs of CPG brands and retailers as they rapidly adjust to shifts in consumer behavior,” said Joel Bar-El, executive chairman and co-founder of Trax.
“This funding puts Trax confidently at the forefront of the future of retail, where the physical and digital combine in new ways to bring meaningful experiences to shoppers,” said Bar-El.
Chris Lee, director at SoftBank Investment Advisers, said that thru Trax’s AI platform and image recognition technologies, they believe that Trax is optimizing retail stores by enabling CPG brands and retailers to execute better inventory strategies using data and analytics.
“Through this significant investment from SoftBank, BlackRock and others, we will invest in our team, extend our market leadership, continue to scale our retailer business, and drive the next stages of long-term growth and innovation,” said Justin Behar, CEO of Trax.