Mind the Tech 2019
We Make the Physical World Digital, Says CEO of AR Retailtech Company Trax
Trax CEO Yoel Bar-El spoke Thursday at Calcalist's third annual Mind the Tech conference in London
Trax Technology Solutions Pte. Ltd. connects to the physical world to turn it digital, according to co-founder and CEO Yoel Bar-El. At Calcalist's third Mind the Tech conference in London on Thursday, Bar-El talked about a future in which an augmented reality (AR) application directs supermarket shoppers to each of the items on their shopping lists, using Trax's technology. "We take a brick and mortar shop and turn it into a digital platform," he said.
Founded in 2010, Trax offers retailers image recognition, big data, and computer vision analytics tools to keep track of their stock and inventory. The company, which has raised over $350 million to date— including a $100 million series D round in July—is headquartered in Singapore with offices in Israel, Asia-Pacific, Europe, and the Americas.
By using a system of sensors placed throughout a store, Trax can collect and digitize data in real-time. Now, the company is looking to apply its technology to create new and innovative shopping experiences, according to Bar-El. "We want to bring the transparency online shoppers enjoy to brick and mortar stores, and we want to give consumers more tools and more decision-making power when they shop," Bar-El said. Among the innovations Bar-El mentioned are AR-based store navigation, a special-offer locator, a digital shopping advisor, and personalized shopping catalogs.