Key Takeaways
- • Entropik, a Bengaluru-headquartered AI-powered Integrated Market Research platform provider, raised $25 million in a Series B round led by Bessemer Venture Partners and SIG Venture Capital, bringing total funding to $35 million.
- • The round also included participation from Trifecta Capital, Alteria Capital, and existing investor Bharat Innovation Fund.
- • Entropik reports roughly 7x growth over the last two years, with expansion into the US, Europe, Southeast Asia, and the Middle East, and more than 150 global clients.
- • The company plans to use the capital to expand its footprint across the US, Europe, and Asian markets and to extend its Emotion AI platform.
Summary
Entropik, an AI-powered Integrated Market Research platform provider, has raised $25 million in a Series B funding round led by Bessemer Venture Partners and SIG Venture Capital, according to a Business Wire announcement dated February 8, 2023. With the new capital, the company's total funding to date is $35 million. The round also saw participation from Trifecta Capital, Alteria Capital, and long-time investor Bharat Innovation Fund.
The company, founded in 2016 and headquartered in Bengaluru, says it has grown roughly seven times in the last two years. Its growth is attributed to its patented Emotion AI technologies and its expansion into the United States, Europe, Southeast Asia, and the Middle East. Entropik combines quantitative surveys, qualitative research, online panels, and patented emotion AI tools such as facial coding, eye tracking, and voice AI under a single platform. The company states it serves more than 150 global brands across finance, media, consumer goods, food and beverage, and entertainment, and holds 17 patents in multi-modal Emotion AI technologies.
Founder and CEO Ranjan Kumar said the funding will support the company's mission to help brands better understand consumer preferences and behavior. Anant Puri, Partner at Bessemer Venture Partners, said the platform's strength lies in its multi-modal, cross-functional capabilities. Bhavanipratap Rana, Investment Advisor to SIG Venture Capital, described Entropik as offering a faster and cheaper alternative for businesses seeking customer feedback. Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund, said the company's multimodal platform, which includes brainwave mapping, facial coding, and voice tonality analysis, is globally unique.
The company plans to continue building products out of India while expanding its footprint across the US, Europe, and Asian markets. The company cites awards including the Amazon AI Award 2018 and recognition from Gartner as one of India's 'Top 5 Cool Vendors in AI.' No valuation was disclosed in the announcement.
The company, founded in 2016 and headquartered in Bengaluru, says it has grown roughly seven times in the last two years. Its growth is attributed to its patented Emotion AI technologies and its expansion into the United States, Europe, Southeast Asia, and the Middle East. Entropik combines quantitative surveys, qualitative research, online panels, and patented emotion AI tools such as facial coding, eye tracking, and voice AI under a single platform. The company states it serves more than 150 global brands across finance, media, consumer goods, food and beverage, and entertainment, and holds 17 patents in multi-modal Emotion AI technologies.
Founder and CEO Ranjan Kumar said the funding will support the company's mission to help brands better understand consumer preferences and behavior. Anant Puri, Partner at Bessemer Venture Partners, said the platform's strength lies in its multi-modal, cross-functional capabilities. Bhavanipratap Rana, Investment Advisor to SIG Venture Capital, described Entropik as offering a faster and cheaper alternative for businesses seeking customer feedback. Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund, said the company's multimodal platform, which includes brainwave mapping, facial coding, and voice tonality analysis, is globally unique.
The company plans to continue building products out of India while expanding its footprint across the US, Europe, and Asian markets. The company cites awards including the Amazon AI Award 2018 and recognition from Gartner as one of India's 'Top 5 Cool Vendors in AI.' No valuation was disclosed in the announcement.
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