Trax’s co-founders, Joel Bar-El (left) and Dror Feldheim (right), and Trax’s CEO, Justin Behar (center)

COVID-19 forced many retailers and brands to adopt new technologies. Retail analytics unicorn Trax expects that this openness to tech innovation will continue even after the pandemic. The Singapore-based company announced today that it has raised $640 million in Series E funding to expand its products, which combine computer vision and cloud-based software to help brick-and-mortar stores manage their inventory, merchandising and operations. The round included primary and secondary capital, and was led by SoftBank Vision Fund 2 and returning investor BlackRock. Other participants included new investors OMERS and Sony Innovation Fund by IGV.

Before this round, Trax had raised $360 million in primary funds. J.P. Morgan acted as a placement agent to Trax on its Series E, which brings its total funding so far to $1.02 billion. Trax did not disclose a new valuation, but reportedly hit unicorn status in 2019. Reports emerged last year that it is considering a public offering, but chief executive officer Justin Behar had no comment when asked by TechCrunch if Trax is planning for an IPO.

Founded in 2010 and headquartered in Singapore, Trax also has offices in Brazil, the United States, China, the United Kingdom, Israel, Mexico, Japan, Hungary, France, Russia and Australia. The company says it serves customers in more than 90 countries.

Behar told TechCrunch that the new funding will be used to “invest heavily in global [go-to-market] strategies and technology for our (Read more...)