Entropik, emotion AI driven market research firm raises $25 million in funding series B
Entropik, an AI-powered online market research startup, has raised 25 million USD in a funding round named Series B, initiated by Bessemer Venture Partners. The other partners in the funding program include Venture Capital, SIG, Trifecta Capital, and Alteria Capital, followed by Bharat innovation fund.
The founder and chief executive of Entropik have stated that around 3.5 million USD has been kept aside as debt funding. He still needs to disclose the startup’s post-funding valuation.
He has shared that the company will utilize the fresh funds to merge the various tools into a single platform. The startup was launched in 2016 and has raised a total funding of about 35 million USD.
Entropik runs on the patented Emotion AI technologies and has received the highest funds in the last two years accounting for an increase of seven times. The startup will focus on United Nations, Europe, Southeast Asia, and the middle east.
Global brands in different sectors like finance, food and beverages, entertainment, and many others have utilized the application’s research platform. The research tool helps to bring together quantitative surveys, qualitative research, online panels, and patented emotion AI technologies under a single platform and uses webcam, eye, and voice enhancement tools.
Entropik has a broad base of 60 million customers across 120 countries and consists of a team of 217 employees.
Kumar has previously worked for the fintech startup named Citrus Payment solutions and at ITC and ONGC. He has asserted that he wants the tool to be predictive. They have tested about 20,000 odd apps globally. It has helped to generate a huge repository of behavioral information that is utilized by the application. Entropik is more analytical and perspective, but they want to make the application more predictive.
He has founded other startups such as Red Castle and OyeParty.
Entropik’s revenue is generated from the United States and Europe. At the same time, India and Southeast Asia are on the list of key users of the applications. New York-based Hume AI has a similar interface to Entropik.
The investment advisor at SIG Venture Capital has stated that Entropik allows users a faster and cheaper alternative to run their businesses and interact and understand customer feedback.
Consumer and user insights have become a significant component in an increasingly digital world, and they help to create a loyal customer base. Marketers can now determine and assess the consumer’s feedback more efficiently with the various tools provided by Entropik, like Affect UX, Labs, and Decode.
Emotion AI provider has made it possible to interpret what the customers feel by the Emotion AI technology. It helps to provide insights to increase decision-making for brands. All the products are provided with excellent emotional intelligence capabilities, including facial coding, brainwave mapping, and eye-tracking technologies.
The products can detect verbal and nonverbal signals and convert them into actionable insights that help the brands connect emotionally with the consumers.
The application primarily uses webcam, feeds to analyze and interpret facial expressions, eye movements, and voices to get data for the brands.
Entropik’s collaboration with Webex platform: what’s new?
Previously, the emotion AI application collaborated with the Webex Developer Partner program. The initiative was taken to support hybrid work and give a human touch to Webex experiences. The collaboration will enable the users to comprehend recorded and live meetings to provide a smooth hybrid work experience. The partnership of Entropik’s Decode and Webex will allow the users to create a single source for all organizations, preventing the meetings from getting lost from the burden of work.
Decode will create a single repository for all the meetings, help interpret the speaker’s voice, and provide live transcription sessions allowing users to identify essential points and most importantly, allow the users to focus on a single goal.
Series of Fundings for the Emotion AI platform:
Previously, Entropik raised 8 million USD in Series A funding which was organized by Alpha Wave Incubation. The funds were utilized by the company to expand its operations in the U.S., Europe, and Southeast Asia. It has emphasized deepening its artificial intelligence capabilities and offering predictive data.
Entropik has visualized an exuberant demand over the past years in the emotional AI platform and has collaborated with Fortune 500 companies, including clients like Accenture, Target, and many others.
Edited by Prakriti Arora
