Emotion AI startup Entropik raises $25 million in funding

Other participating investors include SIG Venture Capital, Trifecta Capital and Alteria Capital and returning investor Bharat Innovation Fund.

About $3.5 million of the investment was debt funding, founder and chief executive Ranjan Kumar said. He declined to share Entropik’s post-funding valuation.

The company will use the fresh funds to consolidate its various tools into a single platform, Kumar told ET.

The company, founded in Bengaluru in 2016, has raised about $35 million so far.

It said it had grown topline by about seven times in the last two years, riding on its patented Emotion AI technologies and driven by an expansion into the United States, Europe, Southeast Asia and the Middle East.

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Over 150 global brands across finance, media, consumer goods, foods and beverage and entertainment use Entropik’s research platform, which brings together quantitative surveys, qualitative research, online panels and patented emotion AI technologies that uses webcam, voice and eye movement.To suit the needs of its clientele’s marketing and product needs, Entropik makes use of its aggregated base of 60 million consumers across 120 countries, with its team of 217 staffers.

“Over a period of time, we have about 20,000 odd apps tested globally. That creates a huge repository of user behavioural data that we are sitting on. Right now, we are more analytical and prescriptive. From there, we want to be a lot more predictive,” Kumar, who previously headed business development at fintech startup Citrus Payment Solutions and worked at ITC and ONGC, said.

The IIT-Kharagpur alumni had in the past also co-founded other startups called Red Castle and OyeParty.

About 70% of Entropik’s revenue comes from the United States and Europe, while the rest is generated from India and Southeast Asia. Global peers in Entropik’s space include New York-based Hume AI.

“Entropik provides a faster and cheaper alternative for businesses to interact and understand customer feedback,” Bhavanipratap Rana, investment advisor at SIG Venture Capital, said in a statement. “In an increasingly digital world, consumer and user insights become core to businesses’ success in cultivating a loyal customer base. Marketers can now measure more accurately and assess consumer feedback with Entropik’s products, like Affect UX, Labs, and Decode.”