Area served Worldwide Website www.traxretail.com Headquarters Singapore Type of business Private | Industry Retail Current status Active Founded 2010 | |
Key people Joel Bar-El
(CEO),
Dror Feldheim
(CCO and Co-Founder) | ||
Trax Image Recognition is a technology company based in Singapore. Its computer vision technology is used by FMCG companies such as Coca-Cola for monitoring and analysing retail shelves across large numbers of stores.
The service reduces the time an employee needs to spend on audits to check inventory, shelf display and product promotions. It is also gathers more extensive data such as product assortment, shelf space, pricing, promotions, shelf location and arrangement of products on display. This market intelligence is valuable to FMCG manufacturers because they pay large sums for space in supermarkets and stores. For example, in the US companies pay approximately $18 billion for shelf space.
The computer vision technology is able to recognise products that are similar or identical such as branded drinks or shampoo bottles whilst also being able to differentiate between them based on variety and size. It piloted its machine learning algorithms with initial customers, allowing its algorithm to learn about different products. As the company processes more images, the better it gets at recognising the same products in different shapes and sizes.
Founded in 2010, Trax has over 40 customers in the FMCG industry, including beverage giant Coca-Cola and brewer Anheuser-Busch InBev. Its service is available in 32 markets and the company's development centre is located in Tel Aviv. In December 2014 it announced its fourth round of investment of US$15 million.