Originally Published in Analytics Magazine
Entropik Tech, a noted startup in the Emotion AI space, announced its Pre-series A round of $1.1 million led by Bharat Innovation Fund (BIF) and co-invested by Parampara Capital, Arthavida Ventures and Jitendra Gupta. The media statement put out by the company stated that Entropik Tech is planning to scale their platform Affect Lab 2.0, launch more IP-based products and increase global footprint.
Founded in 2016, Entropik Tech is a unique artificial intelligence company that tracks consumer’s cognitive and emotional response at its point of origin using cutting-edge technologies like Brainwave Mapping, Facial Coding and Eye Tracking.
Entropik has earlier been a part of several accelerator programmes like Accenture Ventures Cohort, Viacom18 VStEP and SAP’s Plug and Play. Interestingly, this human emotion recognition tech startup is the first company in the $100 million Bharat Innovation Fund’s portfolio.
Ranjan Kumar, founder and CEO at Entropik Tech said in a statement, “As consumers, our purchase and consumption decisions are strongly influenced by our emotions. We first decide on a purchase based on emotion, and then try to justify it through the more rational parts of our brain. Our online SAAS platform Affect Lab 2.0 enables brands to measure subconscious emotional responses to their offerings & create resonance with their consumers.”
Based out of Bengaluru, Entropik Tech is a 20 member team that relies on over 150 years of collective experience to build Emotion AI-based applications. Entropik Tech has filed multiple patents since its inception and recently achieved a 100% revenue growth in the previous quarter.
Jatin Desai, general partner at Parampara Capital, said in a statement, “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.”