Originally Published on AnalyticsInsights.net
Founded in 2016, Entropik Tech is the only startup to occupy the space of Emotion AI in India. The company explores venues where Emotion AI applications revolutionize products and content and redefine businesses and their interactions with consumers. Entropik Tech’s growth trajectory is on the rise steadily since its inception, with over 55 enterprise global clients today.
The company offers a platform where brands can access Emotion Recognition Technologies such as Brainwave Mapping, Facial Coding and Eye Tracking – all together in a combination or each separately on a single dashboard.
Entropik Tech was founded with a vision to build an emotionally perceptive AI and harness its tremendous potential.
The company’s mission is to help brands create strong emotional engagement with consumers by enabling them to gain unfiltered insights into consumers’ responses and measure them to ensure their offerings are emotionally appealing and relatable to the consumers.
Entropik Tech specializes in integrating emotion measurement technologies into consumer research, and help brands look through the lens of consumers to decode their emotional responses using Cognitive and Behavioural Metrics and get actionable insights in real-time.
The company offers Affect Lab2.0 – an online SAAS platform equipped with the company’s entire range of Emotion AI technologies including brainwave mapping, Eye tracking, & Facial expression, and with integrated workflows to support end-to-end consumer research for brands.
It captures cognitive and behavioral parameters such as attention, appreciation, attentiveness, along with emotional parameters like happiness, boredom, familiarity, etc.
The company helps brands across multiple industry verticals including FMCG, Media, Automotive, Education, Healthcare, Advertising, Consumer Durable, E-Commerce, Banking & Finance.
The Journey Since Inception
While managing his previous ad: tech startup, Redcastle, Entropik Founder and CEO, Ranjan Kumar noticed that marketing contents were not validated enough before launch. The thousands of dollars invested in creating such materials were done so with little to no analytics to back them up.
It was then that he conceived the idea of creating an emotionally intelligent consumer research platform that offers brands a chance to preview the performance of their creatives before launch and integrate the results to produce consumer-centric offerings that generate ROIs.
In 2016, Entropik Tech raised $200,000 in seed funding with the goal of creating an Emotion AI company. In February 2016, the company started Entropik Technology and managed to achieve MVP within the first 6 months from the date of its inception. Currently, Entropik Tech has reached a stage of PMF which is proven by its number of sales, consumer engagement, and their satisfaction.
In July 2018, Entropik Tech raised $1.1 million in a pre-series A funding, led by BIF (Bharat Innovation Fund) and co-invested by IDFC- Parampara, Arthavida Ventures and Jitendra Gupta (MD, PayU). The company’s early investors have also participated in this round. Entropik Tech plans to utilize this capital to penetrate new industry verticals and reach a wider network of the global market.
Among those led by Bharat Innovation Fund, Entropik Tech is the first company to have raised a funding of $1 million. The company is one of the handfuls of start-ups that are R&D based and use patented technology to solve real market problems.
Entropik Tech now has over 55 clients in India and across the globe including the US, Australia, Indonesia and Singapore. The company’s focus for the next 12 months is about scaling across business verticals and expand in geographies like South East Asia, Europe and Australia.
Awards and Recognitions
Being named as one of India’s top 5 cool vendors in AI by Gartner in 2017, working with world’s best companies via Plug and Play Accelerator in California, SAP Accelerator, Accenture Innovation Cohort in Bangalore & Viacom18 VStEP program in Mumbai have been some of the big wins for Entropik Tech.
The company recently became a partner of the Global LEAP Program run by L Brands – an American fashion retailer based in Columbus, Ohio. Its flagship brands include Victoria’s Secret and Bath & Body Works.
Entropik Tech is also the winner of the Vodafone Talent Contest 2018 held in Madrid, Spain organized by Vodafone Empresas.
The Leadership Team
Entropik’s team of founders comprises –
• Ranjan Kumar – An AI enthusiast, neuroscience lover and alumnus of IIT Kharagpur, he previously worked for ITC and ONGC. At a young age of 26, he became an entrepreneur and co-founded OyeParty – a flagship brand of Redcastle Events Private Limited. At Citrus Payments, the division he managed witnessed exponential growth due to his results-driven leadership.
• Lava Kumar – A Senior Product Leader with over 14 years of experience in handling numerous challenging roles in enterprise applications (CRM, ERP, Business Intelligence, Advanced Analytics, Enterprise Collaboration, AdTech, Mar-Tech, Reporting, Cognitive & Affective Platforms)
• Bharat Shekhawat – A veteran IT professional with a unique combination of skills including interpersonal, technical and team building. Having been around in the IT industry for more than 8 years, he has wide experience of handling all the phases of technological lifecycle management. In the past, he headed the technology team of Redcastle, a company founded by Ranjan Kumar with whom he has been sharing a friendship for the last 7 years.
Significant Contribution to The Industry
Ranjan Kumar was only 26 years old when he first became an entrepreneur and co-founded OyeParty – a flagship brand of Redcastle Events Private Limited.
In 2016, he raised $200,000 in seed funding with nothing else but only the idea of creating an Emotion AI company. He started Entropik Technologies in February 2016, which have managed to close investment of $1.1 million led by Bharat Innovation Fund.
Entropik Technologies is one of the handful of startups that are R&D based and use patented technology to solve real market problems – This is due to Ranjan’s strong advocacy of Research & Development and his belief that India’s future technological achievement lies in it.
The Company’s USP
• The platform is designed to allow clients to customize applications to suit their individual business needs.
• On the platform, clients can test anything from media to product experience.
• Its open API can be integrated into any industry, from any geographical locations to understand consumers better.
• Entropik is the only startup in India to provide Emotion Analytics Solutions.
• Its SAAS platform is equipped with a full suite of emotion recognition technology options.
• The solutions are easy to understand and translatable into strong marketing actions.
• Entropik employs scientifically proven neuromarketing techniques.
• Its real-time reporting capability reduces market research time span from months to hours.
The biggest USP
Nielsen is the only other company that offers brainwave mapping, facial recognition and eye tracking in India. However, it has a service model and not a SAAS platform, unlike Entropik.
Driving Brand and Consumer Engagement
Today, marketing agencies incorporate emotionality into their analytics to ensure brands have higher emotional engagements with their consumers. Gaining insights into consumer emotional responses to brand offerings is hailed as the philosopher’s stone of marketing challenges.
It has been reported that global conglomerates such as Procter & Gamble, Unilever, Coca-Cola and more, are quietly employing emotion analytics in their market research, though they may not be openly talking about it, making it clear that, emotion analytics is the next frontier. Now, more organizations are moving in this direction, by hiring firms that offer emotion recognition technological services to their clients.
Entropik Tech read consumers’ non-verbal communication and emotional cues to help firms adopt a smarter approach to cater consumers and improve their overall business performance. The company help firms understand the nuances of people’s emotions and solve problems of miscommunication, misunderstanding, and missed opportunity. Entropik Tech translates complex human needs into actionable recommendations and empowers brands to keep their customers happy and satisfied.
Over 95% of purchase decision making takes place in the subconscious mind and emotions drive it – This is a crucial marketing insight, proactive marketers must seize upon, and capitalize on to grow business returns.
The company enables brands to do just that.
With Entropik Tech, brands preview how their offerings perform with consumers and analyze the emotional responses they evoked in them. Using the Emotion Analytics, brands optimize their products and services and improve their ability to engage consumers emotionally and relate to them strongly; which in turn enables them to enhance their ROIs significantly.
On Disruptive Technologies
Big Data, AI, Robotics and Machine Learning have evolved from being algorithmic to emotionally perceptive; this has a lot of significance for brands. Data analytics based purely on an algorithm produced robotic results lack a human touch. Neuromarketing technologies have changed this scenario completely, by recognizing the importance of decoding human emotions – This enables brands to make a stronger emotional connection with their consumers, which in turn has significant implications for brands’ ROI.
Growth in the field of Emotion AI applications is set to cover a wide range of business challenges. In recruitment, it can assist candidate evaluation during recruitment or assess loan applicants’ credibility. Facial recognition can be used in cabs for passengers’ safety; humanized chatbots can answer queries and provide intuitive customer care for organizations.
Research has revealed that people are more open and willing to disclose their inner thoughts to an autonomous ‘virtual human’ than to a real human – This means that patients will respond more honestly to questions relating to their personal life and provide more accurate information to a virtual therapist. An ‘Emotion AI’ motivational coach can help people break bad habits by improving the recipient’s motivational level, or an automatic tutor that can inspire its students to reach the optimal emotional state to grasp information or a virtual companion that comforts lonely people who live in isolation.
AI with the ability to recognize human emotions has a better capacity to interact with people and meet their needs. There will soon come a time when it is indispensable to all types of sectors, including – legal, medical, manufacturing, transportation, creative industry and many more.
Accelerating the Growth of AI
Entropik Tech strongly believes that humans and AI can only co-exist if the later becomes emotionally perceptive. EmotionAI is imperative to the growth of the AI industry and its applications
The Affect Lab platform decodes human emotions and measures their subconscious reactions. The platform is accessible online and also via APIs, making it the perfect source of EmotionAI to industries, who can mold it to fit varied requirements
The company helps marketers gain insights into consumers’ tastes and preferences derived from their emotional cues and enable them to match their offerings with what consumers’ needs and wants. Brands that have managed to forge a strong emotional connection with their consumers are more successful in terms of sales, brand recall, and brand loyalty.
According to Forrester research –
• 86% of consumers with high emotional engagement with a brand, recall the brand they are loyal to, at the top of their minds, and 82% of them always buy from it
• In contrast, only 56% and 38% of consumers behave in the same manner towards a brand when their brand emotional connection is low.
• Likewise, 70% of emotionally engaged consumers spend up to 2 times or more on brands for which they have loyalty, while 49% of consumers do the same with low emotional engagement.
An important point to note is –
• While emotional engagement drives a 7% increase in annual revenue, only less than 10% of creatives produced by firms are tested.
• 90% of creatives are never tested even though creatives drive 65% of marketing ROI.
• 80% of brand executives believe they understand their consumers’ emotions while only 15% of their consumers agree with it.
With Affect Lab, brands create strong emotional engagement by measuring consumers’ emotional responses and optimizing their offerings with the results derived.
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