BEIJING & SINGAPORE–(BUSINESS WIRE)–Trax, the world’s leading provider of computer vision and analytics solutions for the retail industry, and LenzTech, China’s leading retail AI and Big Data service platform, are joining forces to provide Chinese Consumer Packaged Goods companies (CPGs) with greater visibility into store conditions for better in-store execution, promotion optimization and merchandising strategies. The merger combines Trax’s best-in-class technologies with LenzTech’s in-market expertise in AI and crowdsourcing to ‘digitize’ China’s physical world of retail.
Trax provides in-store execution solutions, market measurement and consulting services for CPG brands and retailers by leveraging its cutting-edge computer vision, machine learning and IOT platform – which turns photos of retail shelves into granular, actionable shelf and store-level insights. Top brands and retailers leverage Trax in over 50 countries, to drive execution excellence and increase sales and market share.
LenzTech the market leader in AI powered, crowdsourcing services in China, leverages its 800,000 userbase to perform tasks like taking images of a store shelf. With 50,000 monthly active users, LenzTech covers over 1000 cities including all counties and most townships across China.
With their combined platforms, Trax and LenzTech intend to put the power of AI into the hands of consumers across China. This will uniquely serve global and local brands for better auditing efficiency and enhanced insights across all store formats at unprecedented speed and scale.
Dror Feldheim, Trax’s CCO and Co-founder, said: “China is set to be the world’s largest retail market this year1, and there is a clear need for a solution that enables brands to hone their in-store execution and increase their margins. The union of LenzTech and Trax’s technologies will make our offering the powerhouse retail execution solution in China. We have consistently been impressed with LenzTech’s innovation, footprint and its vision and look forward to transforming the new retail landscape together.”
James Tang, CEO LenzTech, said: “Trax’s leadership philosophy is very similar to our own. We are both committed to helping brands realise the vast opportunities in physical retail channels and capitalise on the moment of retail transformation in China today. We look forward to working together with Trax to demonstrate to brands how they can leverage the very best in breed AI technologies to collect and acquire comprehensive data and insights that is more accurate, objective and with rapid effectiveness to unlock smarter business decisions at all point of sale.
The merger will also see Trax establish a dedicated Research and Development center in China to drive innovation that addresses market specific challenges. The company will invest heavily in growing its team in the region, led by James Tang, who Trax has named as, General Manager & President, Greater China.
Trax announced its entrance into the Chinese market last January with strong support from its lead investor, global private equity firm, Warburg Pincus and later in 2018, closed its largest investment round to date of US$125 million led by Boyu Capital, one of China’s preeminent private equity investment firms. LenzTech closed its C level round of funding from Shanghai Lansanmuyi Investment Management Co and Xianfeng Changqing in April last year.
Trax is the leading provider of computer vision solutions and analytics for retail. It recently was selected as a Red Herring Top 100 Global and ranked in the top 25 Fastest Growing Companies on Deloitte’s Technology Fast 500 list. The company enables tighter execution controls in-store and provides clients with the ability to leverage competitive insights through its in-store execution tools, market measurement and consulting services and to unlock revenue opportunities at all points of sale. Many of the world’s top brands and retailers leverage Trax globally in more than 50 countries to manage in-store execution and increase revenues at the shelf. Trax is headquartered in Singapore with offices worldwide. To learn more about Trax, please visit www.traxretail.com.
LenzTech is a global leader of image recognition technology in the consumer goods and retail industry with the biggest crowdsourcing platform in China. LenzTech was awarded by i-China forum“the Best Innovative Enterprise in new retail solutions”recently, CEO James Tang ranked 24th in China elites in AI industry”. The crowdsourcing platform “PPZ”, developed by LenzTech technology team, which can provide various services including promotion execution investigation, mystery shopper survey and marketing analysis for competitive products, can help brand owners acquire objective data and market information rapidly and economically on the national scale. Hundreds of world-renowned clients have utilized LenzTech’s solution to digitize and visualize real-time channel execution and grasp market dynamics. LenzTech is headquartered in Beijing with a commercial centre in Shanghai. For more information please visit www.lenztechretail.com.
Fei Fei Ho, Trax
Global VP, Marketing & Communications
SOURCE URL : https://www.businesswire.com/news/home/20190603005220/en/Trax-LenzTech-join-forces-digitize-physical-world