Emotion Analytics Startup Entropik Raises $8 Mn in Series A Funding
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Emotion analytics startup Entropik Tech has raised USD 8 million as part of Series A round led by Alpha Wave Incubation, a VC firm anchored by Abu Dhabi’s ADQ and managed by American hedge fund Falcon Edge Capital.
Existing investors, Bharat Innovation Fund and IDFC Parampara Fund also participated in the round.
Founded in 2016, Entropik is measures cognitive and emotional responses of customers using Artificial Intelligence (AI). Its flagship product affectlab.io enables consumer brands to interpret the consumer’s subconscious and emotional behavior across various touch points.
By using affectlab.io, brands see up to 75 per cent ROI uplift on marketing spends, 16 per cent improvement in customer drop off rate and 35 per cent improvement in customer satisfaction scores, as claimed by the company.
Bengaluru-based Entropik has over 80 business customers across BFSI, CPG, Media and Entertainment and telecom industries across North America, European Union and Southeast Asia. Its customer base includes some of the Fortune 500 companies, including the likes of P&G, Barclays, Maersk, Accenture, Target etc.
With over 17 patent claims in facial coding, brainwave tracking, and eye tracking, Entropik said it is poised to disrupt the $30bn consumer insights industry.
“We have seen a huge demand for our Emotion AI platform, achieving 10x+ revenue growth in the last 3 quarter,” said Ranjan Kumar, Founder and CEO, Entropik Tech.
With the fresh capital, the startup aims to scale its international presence in the US, European Union, Southeast Asia while leveraging Abu Dhabi as base to scale in Gulf Cooperation Council (GCC) and Middle East and North African markets. It added that it will also deploy funds to ramp up deep tech capabilities, leveraging its current over 26 mil emotion session data sets to deliver predictive offerings.
“We are excited for Entropik to unleash its full potential with a global launch pad in Abu Dhabi,” said Anirudh Singh, MD, Alpha Wave Incubation. “Entropik is targeting a large, global, multi-billion dollar market opportunity which has traditionally been hard to address through technology. Entropik continues to drive best-in-class accuracy, customer retention and performance metrics.”