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Bloomberg
Trax, a Singapore-based startup serving the retail industry, raised $125 million in a funding round led by Boyu Capital as it advances plans for an initial public offering.
The IPO could take place in the next 18 to 24 months and the company is already in talks with both the Nasdaq and New York Stock Exchange, CEO Joel Bar-El said. Trax is valued at close to $1 billion, he said.
Trax’s image recognition technology is being used by global consumer packaged goods companies, including Coca-Cola Co. and Nestle SA, to track their products on retail shelves. The company now has 175 clients in 50 countries and counts private equity firm Warburg Pincus as its biggest shareholder.