[Funding alert] AI analytics startup Entropik Tech raises $8M in Series A round
Entropik Tech, a startup that uses artificial intelligence (AI) to track consumer's emotional response, has raised $8 million as part of its Series A funding.
The investment round was led by Alpha Wave Incubation (AWI), a $300 million venture fund managed by Falcon Edge Capital, a global alternative asset manager, and backed by ADQ, one of the largest regional holding companies based in Abu Dhabi.
The round also saw participation of existing investors Bharat Innovation Fund, which increased its stake in the company, and IDFC Parampara Fund.
As part of this investment from AWI, Entropik will expand its presence to the US, EU, and SE Asia, while leveraging Abu Dhabi as a base to scale in GCC and MENA markets. In addition, Entropik plans to utilise the funds to deepen its AI capabilities, leveraging its current 26 million emotion session data sets to deliver predictive offerings.
Sharing his thoughts on the latest funding, Ranjan Kumar, Founder and CEO, Entropik Tech, said,
“We have seen a huge demand for our Emotion AI platform, achieving over 10x revenue growth in the last three quarters. I am proud of our team for its persistence and thankful to our investors for believing in our vision.”
Through its AI-first SaaS-based technology platform, Bengaluru-based 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 $30 billion consumer insights industry.
The company’s flagship product, affectlab.io, allows consumer brands to measure and interpret the consumer’s subconscious and emotional behaviour across various touch points. Brands see up to 75 percent ROI uplift on marketing spends, 16 percent improvement in customer drop off rate, and 35 percent improvement in customer satisfaction scores, the firm said.
“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,” added Anirudh Singh, Managing Director, Alpha Wave Incubation.
Founded in 2016, the company works with Fortune 500 companies 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.
Edited by Megha Reddy