Emotion AI startup Entropik Tech, raises Pre-Series A round of $1.1 M from BIF & IDFC-Parampara
• India’s only Emotion AI tech startup has raised $1.1 million in its pre-series A funding, led by BIF (Bharat Innovation Fund) and co-invested by IDFC- Parampara, Arthavida Ventures and Jitendra Gupta (MD, PayU) • Entropik Tech is the first company in Bharat Innovation Fund’s $100M portfolio • Entropik Tech will utilize the capital to adapt Emotion AI to new industry verticals & geographies
Bengaluru, July 26, 2018: Entropik Tech, a pioneer in the space of Emotion AI, announced its ‘Pre-series A’ round of $1.1Million led by BIF (Bharat Innovation Fund) and co-invested by Parampara Capital, Arthavida Ventures and Jitendra Gupta (MD, PayU); existing investors also participated in the round. The investments will help Entropik Tech scale their platform Affect Lab 2.0, launch more IP based products and increase global footprint.
Part of ‘Accenture Ventures Cohort’, ‘Viacom18 VStEP’ program, ‘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 and CEO, Entropik Tech quoted, “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.”
Founded in 2016, Entropik Tech is a unique AI (Artificial Intelligence) company that tracks consumer’s Cognitive & Emotional response at its point of origin using cutting edge technologies like Brainwave Mapping, Facial Coding & Eye Tracking.
“Entropik Tech’s AI technique to interpret emotional states & 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 Tech in maximizing 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.”
“It’s extremely gratifying to have over 50 clients 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). With this investment, we will be able to deliver innovations like, Emotive NLP/Chatbots Assistants, Emotionally Intelligent Automotives, Sentiment Analysis for HR (recruitment), and many more. I am very excited about the disruptive potential Emotion AI has towards solving real business problems. There is a lot to be done!” said, Ranjan Kumar
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.
About Entropik Tech: Entropik Tech is India’s only Emotion AI technology company, providing insights on consumer subconscious responses. Our solutions are designed to help consumer Brands create impactful data backed decisions to transform their content and product experiences. Affect Lab is an online emotion intelligence platform that combines Brainwave Mapping, Facial Coding and Eye Tracking technology, built to support end to end consumer research for brands
Our global clientele includes, GroupM, ITC, Myntra, IMRB, HDFC Bank, Bankbazaar.com, TATA Chemicals, UB Group, Viacom18, TAM Media Research among others.
About BIF (Bharat Innovation Fund): Bharat Innovation Fund is an early stage deep tech and intellectual property focussed fund affiliated with the Centre for Innovation, Incubation and Entrepreneurship (CIIE) at the Indian Institute of Management (IIM) Ahmedabad . The fund supports innovative startups across sectors like healthcare/biotech, enterprise tech, Fintech, sustainability and agriculture, and enabled by cutting-edge technology.
About IDFC-Parampara: IDFC-Parampara Early Stage Opportunities Fund is focused on investing in technology startups with innovation/intellectual property (IP) as differentiator across sectors. Prior investments of the fund include SCube Futuretech (exited), Atomberg Technologies, SecurAx, Data Resolve Technologies, Mobilizar (Playshifu), Chakr Innovation and Singularity Dynamics. More details at http://paramparas.com