Entropik Tech, a leading Emotion AI company based out of Bangalore, announced that it has raised $8 million in Series A funding round led by Alpha Wave Incubation (AWI), a $300m venture fund, managed by Falcon Edge Capital, a leading global alternative asset manager, and backed by ADQ, one of the largest regional holding companies based in Abu Dhabi.
Other investors that participated in the funding round are Bharat Innovation Fund, who increased their stake in the company and IDFC Parampara Fund.
Through its AI-first SaaS based technology platform, Entropik plugs a critical gap in the consumer insights and research industry. With over 17 patent claims in facial coding, brainwave tracking, and eye tracking, Entropik is poised to disrupt the $30bn consumer insights industry.
The company’s flagship product, affectlab.io, allows consumer brands to measure and interpret the consumer’s subconscious and emotional behavior across various touch points. Brands see up to 75% ROI uplift on marketing spends, 16% improvement in customer drop off rate and 35% improvement in customer satisfaction scores.
As part of this investment from AWI, Entropik will expand its presence to US, EU, SE Asia while leveraging Abu Dhabi as base to scale in GCC, MENA markets. In addition, Entropik plans to utilize the funds to deepen its AI capabilities, leveraging its current 26 mil+ Emotion session Data sets to deliver predictive offerings.
Commenting on the funding, Ranjan Kumar, Founder and CEO, Entropik Tech, said, “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.”
Anirudh Singh, Managing Director, Alpha Wave Incubation, commented, “Entropik is targeting a large, global, multi-billion dollar market opportunity which has traditionally been hard to address through technology. Entropik’s superior growth has been a result of its robust customer traction and a compelling ROI for its enterprise customers. 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.”
Ashwin Raguraman, Founding Partner – Bharat Innovation Fund, said, “Entropik has progressed phenomenally since our 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.”
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, the Company said.
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