Bengaluru-based leading Emotion AI startup, Entropik has raised USD 8 million as a part of its Series A Funding. The investment round was led by Alpha Wave Incubation (AWI). The round was also participated by its existing investors Bharat Innovation Fund.
Alpha Wave Incubation (AWI) is a $300m venture fund managed by Falcon Edge Capital, and backed by ADQ. It is one of the largest regional holding companies based in Abu Dhabi.
The company shared its plan to use the funding amount to expand its presence in other geographies including the US, EU, SE Asia while leveraging Abu Dhabi as base to scale in GCC, MENA markets. It also plans to deepen its AI capabilities with its current 26 Mn emotion session datasets to deliver predictive offerings.
With its flagship product, affectlab.io, it allows consumer brands to measure and interpret consumer’s subconscious and emotional behavior across various touch points. It plugs a critical gap in the consumer insights and research industry with its AI-first SaaS-based technology platform.
The company has over 17 patent claims in areas such as facial coding, brainwave tracking, eye tracking and more.
“We have seen a huge demand for our Emotion AI platform, achieving 10x+ revenue growth in the last 3 quarters. I am proud of our team for their persistence, and thankful to our investors for believing in our vision,” said Ranjan Kumar, Founder and CEO, Entropik Tech.
The company claims that its turnaround time on project completion is 1/7th versus traditional agencies, underlining it strong ROI to customers while offering higher accuracy.
“Entropik continues to drive best-in-class accuracy, customer retention and performance metrics. We are excited for Entropik to unleash its full potential with a global launch pad in Abu Dhabi,” said Anirudh Singh, Managing Director, Alpha Wave Incubation.
Ashwin Raguraman, Founding Partner, Bharat Innovation Fund who has seen Entropik’s journey since early days said that Entropik has progressed phenomenally since the first round of funding. “It is disrupting the customer experience testing and management space with a heady cocktail of cutting edge technologies including AI, EEG and Facial coding and is rapidly emerging as a global leader in the space. It is exciting to be a part of a new to the world effort that could help its customers build very engaging customer touchpoints and journeys,” he said.
The company works with Fortune 500 companies and includes clients like P&G, Barclays, Maersk, Accenture, Target etc. This round of funding will help further scale international growth and ramp up its deep tech capabilities.
It had raised a pre-series A round of $1.1 million led by Bharat Innovation Fund (BIF) and co-invested by Parampara Capital, Arthavida Ventures and Jitendra Gupta in 2018.
