Trax Secures $50 Million in Funding to Revolutionize AI-Driven Merchandising and Image Recognition for Retail
Summary
The $50 million venture debt investment comes from Deutsche Bank Private Credit & Infrastructure BOSTON, Nov. 8, 2023 /PRNewswire-PRWeb/ -- Trax, the leading global provider of image recognition solutions transforming brick-and-mortar retail, today announces the completion of a $50 million venture debt investment from Deutsche Bank Private Credit & Infrastructure. "This funding is recognition of the progress Trax is making to serve a broader set of CPG customers in new and valuable ways and supports our continued growth efforts and path to profitability in 2024." "Trax is leading the way in serving CPG companies globally on their most critical retail execution needs," said Alexander Gorokhovskiy, Head of North America Venture and Corporate Direct Lending at Deutsche Bank. Traxs retail platform allows customers to understand and improve what is happening on the shelf, in every store, all the time so they can focus on what they do best – delighting shoppers. As pioneers in computer vision, Trax continues to lead the industry in innovation and excellence through development of artificial intelligence-powered solutions, autonomous data collection methods, and on-demand merchandising capabilities.