Emotion AI startup Entropik Tech, raises Pre-Series Around of $1.1 M from BIF & IDFC- Parampa
Bengaluru, July 27, 2018: Entropik Tech, a pioneer in the space of Emotion AI, announced its ‘Pre-series A’ round of $1.1Million led by BIF (Bharat Innovation Fund) and co-invested by IDFC-Parampara Capital, Arthavida Ventures and Jitendra Gupta (MD, PayU); existing investors also participated in the round. The investments will help Entropik Tech scale their platform Affect Lab2.0, launch more IP based products and increase global footprint.
Part of ‘Accenture Ventures Cohort’, ‘Viacom18 VStEP’ program, ‘SAP’& ‘Plug and Play’ accelerator programs, the tech startup is also the first company in the $100M Bharat Innovation Fund’s portfolio.
Ranjan Kumar, Founder and CEO, Entropik Tech quoted, “As consumers, our purchase and consumption decisions are strongly influenced by our emotions. We first decide on a purchase based on emotion, and then try to justify it through the more rational parts of our brain. Our online SAAS platform Affect Lab 2.0 enables brands to measure subconscious emotional responses to their offerings & create resonance with their consumers.”
Founded in 2016, Entropik Tech is a unique AI (Artificial Intelligence) company that tracks consumer’s Cognitive & Emotional response at its point of origin using cutting edge technologies like Brainwave Mapping, Facial Coding & Eye Tracking.
“Entropik Tech’s AI technique to interpret emotional states & responses from brainwaves is path breaking and has a wide range of uses ranging from understanding consumer preferences to improving mental health. The possibilities are exciting and we look forward to supporting Entropik Tech in maximizing the potential of this disruptive technology” said, Ashwin Raguraman, Partner, Bharat Innovation Fund
Jatin Desai, General Partner, Parampara Capital, said "We are very excited to be part of Entropik's journey as Ranjan and his team have built world-class products in Emotion AI using deep tech with multiple use cases across various verticals. Their products have relevance both in India and for global markets and it's a perfect fit for IDFC-Parampara Fund's investment theme."
“It’s extremely gratifying to have over 50 clients spread across Media & Advertising, FMCG, Retail and Market Research industries, use our platform to know more about their consumers & optimize their Ads, Trailers, Products and User Experience (UX). With this investment, we will be able to deliver innovations like, Emotive NLP/Chatbots Assistants, Emotionally Intelligent Automotives, Sentiment Analysis for HR (recruitment), and many more. I am very excited about the disruptive potential Emotion AI has towards solving real business problems. There is a lot to be done!” said, Ranjan Kumar
Based out of Bengaluru, Entropik Tech is a 20 member team that relies on over 150 years of collective experience to build Emotion AI based applications. Entropik Tech has filed multiple patents since its inception and recently achieved a 100% revenue growth in the previous quarter.