Trax Image Recognition raises $40 mln in funding round

JERUSALEM, June 8 (Reuters) - Trax Image Recognition, a maker of image recognition products for retail, said on Wednesday it raised $40 million from existing shareholders to support growth, new product development and innovation.

Trax, headquartered in Singapore with a research and development centre in Israel, said it would use the funds to expand its global operations with a focus on North America and on a new product line for top tier retailers.

The company, founded in 2010, has to date raised $78 million from Singapore venture capital fund Broad Peak and other private investors.

Trax analyses product placement on retailers’ shelves and enables makers of consumer goods to determine how they can get better visibility.

Trax said brands such as Coca-Cola, AB InBev, Heineken, Nestle and Henkel use Trax to increase revenues at the shelf. (Reporting by Steven Scheer)