Emotion AI startup Entropik raises $25M in funding for its AI-powered integrated market research platform
Market research is critical to the success of any new service or product launch. Market research enables companies of all sizes to discover the target market and get opinions and other feedback directly from potential consumers about their interest in the product or service. However, just like every industry, the market research process has not changed in a long time. As such, the industry is ripe for disruption. That’s exactly what Entropik is aiming to do.
Entropik enables research, marketing, and product teams to move towards a more continuous, collaborative, agile, and scalable way to capture user feedback research by democratizing research and insights data across the organization.
The idea behind Entropik started while founder Ranjan Kumar was pursuing his Bachelor of Tech degree at the India Institute of Technology in 2004-08 as part of a student project. Fast forward a few years later, Ranjan has turned his project into an emotion AI startup.
“To start with, I funded myself. Later Bharat Innovation Fund invested in us in 2018 as the first seed round. Subsequently, we got an $8 million Series, funding led by Alpha Wave Incubation Group. In my journey, I have filed 17 patents on the subject. Globally we are now among the top three emotion tech companies,” Kumar said in a statement.
To further support its explosive growth, Entropik announced today it has raised $25 million in Series B funding led by Bessemer Venture Partners and SIG Venture Capital. The round also saw participation from Trifecta Capital, Alteria Capital, and long-time existing investor Bharat Innovation Fund.
Entropik will also use the fresh funding to continue to disrupt consumer research for global brands and build world-class products out of India, enabling research, marketing, and product teams to move towards a more collaborative, agile, and scalable way to conduct research. They will also focus on expanding their footprint across the US, Europe, and Asian markets.
Ranjan Kumar, Founder & CEO of Entropik, said, “The world is evolving fast, and brands, whose foundation is understanding its consumer preference & behavior, are failing to deliver meaningful experiences. In our mission to enable brands to achieve a robust understanding of its consumer, we are thrilled to have Bessemer Venture Partners and SIG Venture Capital join this journey. The new round also comes as a testament to the rigor and hard work put in by our global team and the trust put by enterprises in our offerings.”
Since its inception in 2016, Entropik has grown approx. 7x in the last two years, riding on its patented Emotion AI Technologies and driven by its expansion into the US, Europe, Southeast Asia, and the Middle East. The company has 17 patents in Multi-Modal Emotion AI technologies like Facial Coding, Eye Tracking, and Voice AI. Entropik has also won many awards and accolades, such as the Amazon AI Award 2018, and is quoted by Gartner as India’s ‘Top 5 Cool Vendors in AI’.
“We are delighted to partner with Ranjan, Lava, Bharat and the entire team at Entropik Tech, in their mission to create a globally leading Emotion AI platform. We believe the strength of the platform lies in its multi-modal, cross-functional capabilities. We are excited to see the team extend their early leadership in the customer research category while continuing to expand into other categories as well,” said Anant Puri, Partner, Bessemer Venture Partners.
The company’s integrated research platform brings quantitative surveys, qualitative research, online panel & patented emotion AI technologies under one umbrella, making it a one-stop solution for marketing & product organizations. Over 150+ global brands across finance, media, consumer goods, food & beverage, and entertainment including Telecom, BFSI, Media, CPG, FMCG use Entropik’s consumer research stack to make better consumer-centric decisions faster and more efficiently.
Headquartered in Bengaluru, the company has a business presence across the United States, Canada, Europe, the Middle East, and Asia. Entropik’s AI-powered Integrated Market Research Platform provides a research platform covering Quant, Qual, Behaviour Analytics, Video Interviews & Self Captures with an integrated panel under one umbrella.