Trax and Redis Labs: Two Israeli Unicorns Hit $2 Billion Valuations
A unicorn is a startup with more than a $1 billion valuation.
Israeli unicorns Trax and Redis Labs have each now reached a $2 billion valuation. Redis Labs, a database software developer, hit the mark with a $110 million Series G financing round led by new investor Tiger Global. Trax just raised $640 million in a Series E financing round led by SoftBank Vision Fund 2.
Founded in 2010 by chairman Joel Bar-El and President Dror Feldheim, Trax is leader in computer vision solutions for retail. Trax offers what it calls best-in-class in-store execution tools, market measurement services and data science solutions that are “fundamentally transforming how in-store retail data is being collected, viewed and analyzed.”
Its technology uses a combination of image recognition, deep learning and data science to turn shelf images captured with mobile devices, fixed cameras or robots into real-time actionable insights. These recommendations and predictions, says Trax, not only help customers measure and monitor their in-store execution performance but also unlock revenue opportunities in the marketplace.
On April 15, be part of an exclusive discussion featuring leading global experts from consumer goods, retail, supply chain and payment companies and find out how brands and retailers are changing how they do business at this critical time: https://t.co/UqTG0llt42 pic.twitter.com/fSaPUGkx4P
— Trax (@TraxRetail) April 6, 2021
Joel Bar-El explained how the company managed to grow in spite of the Coronavirus crisis. ”We made tremendous strides in our business because of the hard work, dedication and team spirit at Trax. Our many solutions address the complex needs of CPG brands and retailers as they rapidly adjust to shifts in consumer behavior,” said Br-El. “This funding puts Trax confidently at the forefront of the future of retail, where the physical and digital combine in new ways to bring meaningful experiences to shoppers.”
Redis Labs was founded in 2011 by Ofer Bengal (CEO) and Yiftach Shoolman (CTO). The company has raised a net amount of $347 million and will continue to invest in expanding the company’s global footprint.
The company offers Redis, a popular open source in-memory database, and commercial provider of Redis Enterprise, which the company boasts delivers “superior performance, unmatched reliability, and the best TCO. Initially employed as a caching layer, Redis is now used by virtually every large enterprise, startup, and government organization to power use cases such as e-commerce, AI/ML, search, fraud detection, real-time inventory management, user session stores, and much more.”
We’re excited to announce our $110M Series G led by new investor, Tiger Global, joined by SoftBank Vision Fund 2 and @TVCTech. Partnering with exceptional investors, new and existing, validates our mission to become the de facto real-time data platform: https://t.co/a7wpAclZXa pic.twitter.com/kdbNbGI9e3
— Redis Labs (@RedisLabs) April 7, 2021
“We founded Redis Labs with the idea that the future of the database market would be defined by performance, where Redis excels. Through the dedication of our team, Redis has become an enterprise-grade data platform to tackle nearly any real-time use case across every industry,” said Ofer Bengal, Co-Founder and CEO at Redis Labs.
“Partnering with exceptional new investors such as Tiger Global and SoftBank, in addition to the continued belief of our existing investors like TCV, validates our mission to make Redis the de facto real-time data platform companies choose to meet their customers’ expectations.”
Redis Labs is another company which did well in 2020 in spite of the Covid 19 pandemic. The company declared revenue growth of over 54% (CAGR) over the three years ended 1/31/21.; more than 8,000 paying customers, including 31% of the Fortune 100 and a net retention rate greater than 120%;
The company’s customers include AWS, Google Cloud, and Microsoft Azure, which includes the general availability of Redis Enterprise-powered tiers on Azure Cache for Redis