Trax eyes greater presence in China with LenzTech

Trax, a Singapore-based startup serving the retail industry, is eyeing growth opportunities in China's huge consumer market and looking to showcase Chinese retail experiences to the West after it signed a deal to buy LenzTech Co, a Beijing-based computer vision technology service provider.

According to company officials, the merger will combine Trax's expertise in merchandising strategies and LenzTech's crowdsourcing market competitiveness and AI technology to help digitize China's offline retail market as well as those in the West.

"China is a promising market and it is set to be the world's largest retail market this year, and there is a clear need for a solution that enables brands to hone their in-store execution and increase their margins," said Dror Feldheim, Trax's co-founder.