Unicorn Trax founders to retire from daily operations, retain board positions
Unicorn Trax founders to retire from daily operations, retain board positions
“While this decision was not made lightly, we are thrilled to continue our journey with Trax as board members (in the same board capacity as today) while also focusing on innovative initiatives that have emerged amidst the current geopolitical challenges in Israel and our entrepreneurial passions,” wrote Joel Bar-El and Dror Feldheim, who founded the retail tech startup in 2010
Joel Bar-El and Dror Feldheim, the founders of unicorn Trax, which develops computer vision solutions for retailers, informed the company's employees on Thursday of their intention to retire from day-to-day operations and continue serving only on the board of directors, according to a letter sent to employees that reached Calcalist. In April 2021, the company raised $640 million at a valuation of $2.25 billion. The company appointed Gary Laben as its new CEO two months ago.
Joel Bar-El, the former CEO who currently serves as the Executive Chairman, will become Chairman, while Dror Feldheim, the former CCO who currently serves as President of Corporate Development, will remain on the board of directors. Over the past two years, the company has laid off hundreds of employees and currently employs approximately 680 people worldwide. The company, which developed computer vision and data processing solutions for the retail world, raised $640 million in a Series E in April 2021, led by SoftBank's investment fund, SoftBank Vision Fund 2, and technology funds managed by BlackRock. Founded in 2010 by Bar-El and Feldheim, the company has offices in Israel, Singapore, and San Francisco, providing solutions to customers in more than 90 countries.
“With immense pride and a profound sense of accomplishment, Dror and I are excited to share that we are transitioning from our day-to-day roles at Trax to embrace new opportunities,” the co-founders wrote in a letter to the employees. “While this decision was not made lightly, we are thrilled to continue our journey with Trax as board members (in the same board capacity as today) while also focusing on innovative initiatives that have emerged amidst the current geopolitical challenges in Israel and our entrepreneurial passions. We are confident this is a positive step forward for both us and Trax.
“Fourteen years ago, we embarked on this incredible journey in Singapore, by a chance meeting at a synagogue. Dror's visionary idea of digitizing physical shelves in CPG retail combined with my technological expertise set the foundation for Trax. Our journey has been marked by exhilarating highs and invaluable lessons. Together, we’ve built a world-class business that spans 11 offices globally, operates in over 80 countries, and digitizes more than 3.5 million stores monthly. Trax has grown into a global leader, revolutionizing the shopping experience for millions.
“Our greatest legacy, however, lies in the extraordinary people of Trax. From our dedicated shareholders and employees to the innovative businesses founded by Trax alumni, the spirit of agility, curiosity, creativity, and the belief that "anything is possible" continues to thrive. We hope these core attributes remain embedded within the company as we step back. Everyone associated with Trax should take pride in our collective achievements and look forward to the exciting milestones ahead.
“We leave Trax in the capable hands of Gary Laben, an exceptionally experienced CEO, supported by our experienced management team. We have full confidence in their ability to guide Trax towards continued growth and success.
“Though our roles are changing, our commitment to Trax remains as we will continue to support the company at the board level (Joel as Chairman and Dror as Director).”
