Originally Published on AFAQs.com
Entropik Tech, India’s only EmotionAI startup, announced its ‘Pre-series A’ round of $1.1Million led by BIF (Bharat Innovation Fund) and co-invested by Parampara Capital, ArthavidaVentures and Jitendra Gupta (MD, PayU); existing investors also participated in the round. The investments will help Entropik Tech scale their platformAffect Lab2.0, launch more IP based products and increase global footprint.
Part of ‘Viacom18 VStEP’ program, ‘Accenture Ventures Cohort’, ‘SAP’& ‘Plug And Play’ accelerator programs, the tech startup is also the first company in the $100M Bharat Innovation Fund’s portfolio.
Ranjan Kumar, Founder & CEO, Entropik Tech quoted, “We live in an era of digital clutter, where almost 300 hours of video are uploaded every minute on a single platform like YouTube. On the other hand, talking about human attention span, we can merely clock 12 to 8 seconds of attention, even lesser than a Goldfish! So be it short format content like Ads and Trailers or the long format content like Movies and TV series, only content that strikes an emotional resonance captures the consumer mindshare.”
Developed to decode consumer emotions, Affect Lab 2.0 enables brands and publishers to understand how consumers feel about their Ads, Trailers and Promos by measuring their subconscious responses. Brands can also benchmark their content against competition.
Talking about effectiveness, Ranjan continues, “We also help brands optimize their content & with our recommendations, they have been able to trigger a jump as high as 4x Views per dollar spent. For TV Promos, we also predict the likely viewership conversion using ‘Emotional Efficacy’ of content, thus empowering publishers to invest on the winners to reap best marketing ROI.”
Ashwin Raguraman, Partner, Bharat Innovation Fund, said, “Entropik Tech’s AI techniques to interpret emotional states and responses from brainwaves is path breaking and has a wide range of uses ranging from understanding consumer preferences to improving mental health. The possibilities are exciting and we look forward to supporting Entropik (them) in maximizing the potential of this disruptive technology.”
Jatin Desai, General Partner, Parampara Capital, said, “We are very excited to be part of Entropik’s journey as Ranjan and his team have built world class products in Emotion-AI using deep tech with multiple use cases across various verticals. Their products have relevance both in India and for global markets and it’s a perfect fit for IDFC-Parampara Fund’s investment theme.”
“It’s extremely gratifying to have over 50clients spread across Media & Advertising, FMCG, Retail and Market Research industries, use our platform to know more about their consumers & optimize their Ads, Trailers, Products and User Experience ( UX ). I am very excited about the disruptive potential EmotionAI has towards solving real business problems. There is a lot to be done!”, said Ranjan Kumar.
Based out of Bangalore, Entropik Tech is a 20 member team that relies on over 150 years of collective experience to build EmotionAI based products and technologies. Entropik Tech has filed multiple patents since its inception and recently achieved a 100% revenue growth in the previous quarter.