After raising another US$100 million (S$137 million) at its latest funding round, software and anaytics firm Trax has become Singapore’s newest unicorn, which is a title given to private startups with a valuation of over US$1 billion.
The firm, which is headquartered in Singapore but founded in Israel, makes image recognition tech and cameras that track photos of retail shelves and teach storekeepers the most profitable way to stock their products.
Here’s a video showing how it works:
Business Insider previously reported that the startup modernised four supermarket chains in Israel, Singapore and the UK.
It currently operates in over 50 countries, and boasts clients like Coca-Cola, Heineken, and Nestle.
A source with direct knowledge of the deal told Reuters on Tuesday (July 23) that Trax was valued at US$1.3 billion after its latest funding round.
In a statement on July 23, Trax simply said it had raised over US$350 million to date.
However, it indicated earlier in May that this latest funding round was expected to raise US$100 million at a pre-money valuation of about US$1.1 billion, according to a report by The Business Times (BT).
With this figure, it now joins the ranks of other Singapore-based unicorns like Razer, Sea, and Lazada.
As of last November, Southeast Asia only had nine unicorn startups, with the other five being Vietnam’s VNG and Indonesia’s Bukalapak, Go-Jek, Traveloka, and Tokopedia.
Ride-hailing app grab Grab had already become a decacorn with an estimated worth of US$10 billion.
According to BT’s report, Trax is also eyeing an IPO within the next 18 to 24 months, with a potential dual listing on both the US and Singapore stock exchange.
Its latest US$100 million funding round, which concluded on July 23, was led by asset manager HOPU Investments.
Trax co-founder Dror Feldheim said the company would use the funds to expand globally, particularly in China.
According to BT’s report, the company previously said fresh capital would go towards financing its three acquisitions: Chinese computer-vision startup LenzTech Co, US rewards app Shopkick, and an unnamed European competitor.
Gunther Hamm, the managing director of HOPU’s tech investment team, added that Trax was certain to grow rapidly in China’s consumer landscape.
“China’s retail market has digitalised rapidly, in both online and new offline retail concepts. Yet the vast majority of China’s brick and mortar stores remain underserved in store management, assortment and optimization,” he said.
Hamm added that the business could “quickly capture this white space”.