Trax and LenzTech join forces to digitize the physical world of retail at scale and speed of China

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.

About Trax

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.

About LenzTech

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 24^th 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.

¹ https://www.emarketer.com/newsroom/index.php/2019-china-to-surpass-us-in-total-retail-sales/

Contacts

Fei Fei Ho, Trax
Global VP, Marketing & Communications
FeiFei@TraxRetail.com