Trax plans to use the fresh capital to expand its services including so-called dynamic merchandising, which combines computer-vision and machine-learning platforms with Uber-like on-demand workers to help customers keep their shelves stocked. In North America, the company has more than 1.4 million staffers that can be deployed to outlets of Walmart Inc. as well as smaller convenience stores.
Trax, a Singapore-based startup serving the retail industry, raised US$640 million ($857.2 million) from investors led by SoftBank Vision Fund II and BlackRock Inc to bankroll its global expansion.
New investors in the Series E financing included Ontario Municipal Employees Retirement System, one of Canada’s largest pension funds known as Omers, as well as Sony Innovation Fund by IGV, the startup said in a statement. The round valued Trax at more than US$3 billion, according to people familiar with the matter, who asked not to be named because the information is private.
