Trax, a cloud-based solution that helps CPG brands and retailers optimize their inventory strategies through data and analytics, has secured $640 million in Series E funding. The round was led by SoftBank Vision Fund 21 and technology-focused funds managed by existing investor BlackRock.
The Trax suite of solutions is aimed at accelerating the digital transformation of grocery retail by providing granular visibility of inventory and store conditions. Current customers include Best Buy, Sam’s Club, Auchan and TJ Maxx, as well as brands such as Coca-Cola, Nestle, Unilever, P&G and Heineken.
In the past year, Trax has launched a suite of autonomous shelf monitoring solutions and an AI-driven, enterprise-level dynamic merchandising service to help brands and retailers keep products on shelves, with the assistance the Trax Flexforce on-demand workforce of execution experts.
“We are witnessing the retail industry adopt digital technologies at an unprecedented pace and scale,” said Joel Bar-El, Executive Chairman and Co-founder of Trax in a statement. “Our many solutions address the complex needs of CPG brands and retailers as they rapidly adjust to shifts in consumer behavior.”
The latest round of funding also saw participation from new investors OMERS and Sony Innovation Fund by IGV2.