Mumbai, February 8th, 2023: Entropik, a leading AI Powered Integrated Market Research platform provider, has raised $25 million in Series B funding led by Bessemer Venture Partners and SIG Venture Capital. The round also saw participation from Trifecta Capital, Alteria Capital, and long-time existing investor Bharat Innovation Fund.
Entropik has grown ~7x in the last two years, riding on its patented Emotion AI Technologies and driven by its expansion into the US, Europe, Southeast Asia, and the Middle East. Its unique integrated research platform brings quantitative surveys, qualitative research, an online panel & patented emotion AI technologies under one umbrella, making it a one-stop solution for marketing & product organizations. Over 150+ global brands across finance, media, consumer goods, food & beverage, and entertainment leverage Entropik’s consumer research stack to make better consumer-centric decisions faster and more efficiently.
Ranjan Kumar, Founder & CEO of Entropik, said, “The world is evolving fast, and brands, whose foundation is understanding its consumer preference & behavior, are failing to deliver meaningful experiences. In our mission to enable brands to achieve a robust understanding of its consumer, we are thrilled to have Bessemer Venture Partners and SIG Venture Capital join this journey. The new round also comes as a testament to the rigor and hard work put in by our global team and the trust put by enterprises in our offerings.”
“We are delighted to partner with Ranjan, Lava, Bharat, and the entire team at Entropik Tech, in their mission to create a globally leading Emotion AI platform. We believe the strength of the platform lies in its multi-modal, cross-functional capabilities. We are excited to see the team extend their early lead in the customer research category while continuing to expand into other categories as well.”, said Anant Puri, Partner, Bessemer Venture Partners.
Bhavanipratap Rana, Investment Advisor to SIG Venture Capital, said, “Entropik provides a faster and cheaper alternative for businesses to interact and understand customer feedback. 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. We are excited to invest and support the team at Entropik as they expand into new markets.”
Ashwin Raguraman, Co-founder and Partner, of Bharat Innovation Fund, said, “There is a special feeling when you have been at the start of what is an incredible journey. Entropik has grown tremendously, powered by its DeepTech solutions and a high-quality, continuously evolving team. In enabling brands to improve their customers’ experiences, they are the engine powering how customers interact with their brands better. Their multimodal platform encompassing brainwave mapping, facial coding, and voice tonality is globally unique. We hopped on the Entropik train a while back and are very happy to keep buying a ticket to extend our journey.”
With this latest round of funding, Entropik will continue to disrupt consumer research for global brands and build world-class products out of India, enabling research, marketing, and product teams to move towards a more collaborative, agile, and scalable way to conduct research. They will also focus on expanding their footprint across the US, Europe, and Asian markets.