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    Home»Deals»SoftBank’s Vision Fund 2 and BlackRock lead $640 million funding in tech firm Trax
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    SoftBank’s Vision Fund 2 and BlackRock lead $640 million funding in tech firm Trax

    April 8, 20211 Min Read
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    The SoftBank Group Corp. logo is displayed during the SoftBank World 2019 event in Tokyo, Japan, on Thursday, July 18, 2019. The founders of Southeast Asian ride-hailing giant Grab, indoor farming startup Plenty, Indian hotel chain OYO Rooms and payments service Paytm took the stage at an annual SoftBank conference to explain how artificial intelligence helps them stay on top in their respective fields. Photographer: Akio Kon/Bloomberg
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    Image recognition technology provider Trax said on Wednesday it had raised $640 million in new capital in a funding round led by SoftBank Group Corp’s Vision Fund 2 and BlackRock Inc. The funding round, the biggest in Trax’s history, also drew new investors such as Canadian pension fund Ontario Municipal Employees Retirement System and venture capital firm Sony Innovation Fund.

    Trax’s technology helps track products in stores and provides shelf management and analytics. Customers include Coca-Cola, Nestle, Unilever and Heineken, the company’s website showed.

    Singapore-based Trax was founded in 2010 and is led by Chief Executive Officer Justin Behar. Existing backers include private equity firm Warburg Pincus, Boyu Capital, Investec Bank and Singapore sovereign wealth fund GIC.

     

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    Source: Reuters

    Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila

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