Entropik Tech, a startup that makes use of synthetic intelligence (AI) to track patron’s emotional response, has raised $8 million as a part of its Series A funding.
The funding round was led by Alpha Wave Incubation (AWI), a $300 million task fund controlled by Falcon Edge Capital, a worldwide alternative asset manager, and subsidized by ADQ, one of the biggest local holding companies based in Abu Dhabi.
The spherical also noticed participation of current investors Bharat Innovation Fund, which extended its stake in the company, and IDFC Parampara Fund.
“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.” Ranjan Kumar, Founder and CEO, Entropik Tech, said.
As a part of this funding from AWI, Entropik will make bigger its presence to the US, EU, and SE Asia, whilst leveraging Abu Dhabi as a base to scale in GCC and MENA markets. In addition, Entropik plans to utilise the budget to deepen its AI capabilities, leveraging its current 26 million emotion consultation facts units to supply predictive offerings.
Through its AI-first SaaS-based technology platform, Bengaluru-based Entropik plugs a important gap in the customer 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 customer insights industry.
The company’s flagship product, affectlab.io, allows customer brands to measure and interpret the customer’s unconscious and emotional behaviour throughout diverse touch points. Brands see as much as seventy five percentage ROI uplift on advertising and marketing spends, sixteen percentage development in patron drop off rate, and 35 percentage development in patron 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.
