Bharat Innovation Fund backs emotion recognition startup Entropik in maiden bet

Originally Published in VcCircle.com

Photo Credit: Shah Junaid/VCCircle

 

Entropik Tech, which offers a software-as-a-service platform that recognises emotions to help companies understand consumer behaviour, has raised $1.1 million (around Rs 7.6 crore at current exchange rates) in a pre-Series A round of funding led by Bharat Innovation Fund.

The startup said in a statement that IDFC-Parampara Capital, Arthavida Ventures and Jitendra Gupta, managing director of digital payments firm PayU, had also participated in the round as did unnamed existing investors.

Entropik said the fresh capital will help scale its artificial intelligence-based platform, Affect Lab 2.0, and launch more products apart from expanding its global footprint.

Founded in 2016 and operated by Entropik Technologies Pvt. Ltd, Entropik uses brain mapping, facial coding and eye tracking to understand a consumer’s cognitive and emotional responses.

“Our online SaaS platform Affect Lab 2.0 enables brands to measure subconscious emotional responses to their offerings and create resonance with their consumers,” said Entropi

k founder and chief executive officer Ranjan Kumar.

Entropik has a 20-member team that claims to serve more than 50 clients spread across industries such as retail, market research and FMCG, among others. Clients such as ITC, Myntra and HDFC Bank use the platform’s insights to optimise advertisements, products and user experiences.

Kumar said the fresh investment would enable the Bengaluru-based firm to provide chatbots and sentiment analysis, apart from other innovations.

Kumar previously worked with CitrusPay, ITC, ONGC Ltd and co-founded a startup called Red Castle.

In November 2016, Entropik had raised seed funding from Dileep Bhatt, president of downstream operations at JSW Steel Ltd, and Milind Chaudhary, director of Sea Global Services Pvt. Ltd.

Investors:

Affect Lab