Trax Image Recognition, a provider of in-store shelf monitoring, analysis and technology powered by image recognition, recently announced a US$15 million (S$19.6 million) cash investment from existing shareholders to support the growth, new product development and technical innovation of the company.
In its media statement, Trax said that it will use the fourth round of investment, which is its largest to date, to expand its global operations with a focus on developing its market share in the US and Europe.
Trax is currently headquarted in Singapore with offices spread across Asia Pacific, Europe, Middle East, North America and South America.
In addition, the new funds will also allow the company to launch new products and services enabling it to meet the growing requirements of its global manufacturing and retail customers. The new offerings, available in 2015, will be initiatives in market research and the consumer space.
The investment will also help Trax secure a leading position in the crowdsourcing market by forming partnerships in this sector, according to the company.
"This round of funding will allow us to continue providing our manufacturing and retail customers with services that will ultimately allow them to make better decisions, thus helping improve sales and increase market share," said Joel Bar-El, Trax CEO.
"It will also support our growth in geographic markets such as the US and Europe and our desire to form partnerships with companies that complement our technologies. This will ensure both new and existing customers can access the best and most accurate technology in the industry at cost-effective prices," he added.
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