Originally Published on Yourstory.com
The company said that it will use the fund to scale up their platform, Affect Lab2.0, launch more IP-based products and increase its global footprint. It will also use the fund to adapt emotion AI to new industry verticals.
Bengaluru-based emotion-recognition artificial intelligence startup Entropik Tech announced that it has raised $1.1 million in its pre-Series A round, led by BIF (Bharat Innovation Fund) and participated by IDFC-Parampara Capital, Arthavida Ventures and Jitendra Gupta (MD, PayU) and other existing investors.
The company said that it will use the fund to scale up their platform, Affect Lab2.0, launch more IP based products and increase its global footprint. It will also use the fund to adapt emotion AI to new industry verticals.
While Entropik is a part of Accenture Ventures Cohort, Viacom18 VStEP programme, SAP and Plug and Play accelerator programmes, it is also the first company in the $100-million Bharat Innovation Fund’s portfolio.
In a press statement, Ranjan Kumar, Founder and CEO, Entropik Tech said, “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 and create resonance with their consumers.”
Founded in 2016, Entropik Tech 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 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 for multiple patents since its inception and claims to have achieved a 100-percent revenue growth in the previous quarter.
Entropik Tech’s AI technique to interpret emotional states and responses from brainwaves 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 Tech in maximising the potential of this disruptive technology” said Ashwin Raguraman, Partner, Bharat Innovation Fund.
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.”