Emotion AI startup Entropik raises $25 million in funding
An online market research business using artificial intelligence (AI) called Entropik has raised $25 million in a funding round termed Series B, which was spearheaded by Bessemer Venture Partners. SIG Venture Capital, Trifecta Capital, Alteria Capital, and returning investor Bharat Innovation Fund are additional participating investors.
According to creator and CEO Ranjan Kumar, loan financing accounted for about $3.5 million of the investment. He declined to divulge the post-funding worth of Entropik. According to Kumar, the business would use the additional capital to combine its numerous tools into a single platform. The business, which was established in Bengaluru in 2016, has so far raised roughly $35 million.
Using its patented Emotion AI technology and fueled by an expansion into the United States, Europe, Southeast Asia, and the Middle East, it claimed that its topline had increased by nearly seven times during the previous two years. Entropik's research platform, which combines quantitative surveys, qualitative research, online panels, and patented emotion AI technologies that use webcam, voice, and eye movement, is used by over 150 global brands in the financial, media, consumer goods, foods and beverages, and entertainment industries.
Entropik utilises its collective network of 60 million consumers across 120 countries with its team of 217 employees to meet the marketing and product needs of its clientele. We have tested anywhere between 20,000 and 30,000 apps internationally over time. As a result, we have access to a substantial store of user behavioural data. We are currently more analytical and directive. We want to become much more anticipatory from there, said Kumar, who formerly oversaw business development at fintech startup Citrus Payment Solutions and worked with ITC and ONGC.
Past co-founding projects by IIT-Kharagpur alumni included Red Castle and OyeParty. The United States and Europe account for roughly 70% of Entropik's revenue, with the remaining 30% coming from India and Southeast Asia. A New York-based competitor in Entropik's market is Hume AI.
Bhavanipratap Rana, investment advisor at SIG Venture Capital, stated in a statement that "Entropik provides a speedier and less expensive alternative for businesses to communicate and comprehend client feedback." Consumer and user insights are essential to organisations' success in building a loyal client base in an increasingly digital age. With Entropik's tools like Affect UX, Labs, and Decode, marketers can now measure more precisely and evaluate customer input.
According to creator and CEO Ranjan Kumar, loan financing accounted for about $3.5 million of the investment. He declined to divulge the post-funding worth of Entropik. According to Kumar, the business would use the additional capital to combine its numerous tools into a single platform. The business, which was established in Bengaluru in 2016, has so far raised roughly $35 million.
Using its patented Emotion AI technology and fueled by an expansion into the United States, Europe, Southeast Asia, and the Middle East, it claimed that its topline had increased by nearly seven times during the previous two years. Entropik's research platform, which combines quantitative surveys, qualitative research, online panels, and patented emotion AI technologies that use webcam, voice, and eye movement, is used by over 150 global brands in the financial, media, consumer goods, foods and beverages, and entertainment industries.
Entropik utilises its collective network of 60 million consumers across 120 countries with its team of 217 employees to meet the marketing and product needs of its clientele. We have tested anywhere between 20,000 and 30,000 apps internationally over time. As a result, we have access to a substantial store of user behavioural data. We are currently more analytical and directive. We want to become much more anticipatory from there, said Kumar, who formerly oversaw business development at fintech startup Citrus Payment Solutions and worked with ITC and ONGC.
Past co-founding projects by IIT-Kharagpur alumni included Red Castle and OyeParty. The United States and Europe account for roughly 70% of Entropik's revenue, with the remaining 30% coming from India and Southeast Asia. A New York-based competitor in Entropik's market is Hume AI.
Bhavanipratap Rana, investment advisor at SIG Venture Capital, stated in a statement that "Entropik provides a speedier and less expensive alternative for businesses to communicate and comprehend client feedback." Consumer and user insights are essential to organisations' success in building a loyal client base in an increasingly digital age. With Entropik's tools like Affect UX, Labs, and Decode, marketers can now measure more precisely and evaluate customer input.
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