Trax, a computer vision and analytics solution provider, has acquired Planorama, a supplier of image recognition services. Trax also raised $100 million in additional funding, bringing its total raised to over $350 million. A person familiar with the deal says this brings the company’s value to $1.3 billion, according to Reuters.
The addition of deep learning-based image recognition technology from Planorama will help Trax build on its existing features, which include market measurement and analytics services powered by image recognition, machine learning and IoT platforms. These new solutions can help retailers build merchandising recommendations, monitor POS compliance and use shelf insights to improve the in-store customer journey.
Trax has been building its retail solution portfolio through moves including the acquisition of Shopkick, a shopping rewards app, in June. Trax sought to gain a better understanding of consumers’ online and offline shopping habits through the integration of its own technologies with Shopkick’s path-to-purchase offerings.
Additional acquisitions may be on the way; Trax plans to use some of its recent funding to look for more potential purchases. The money will also finance the miniature cameras that the solution provider puts in users’ stores to help track products.