SaaS platform Entropik Tech Secures $25 mn in Series B funding
Bessemer Venture Partners and SIG Venture Capital led a $25 million Series B fundraising for Entropik, a top provider of AI-powered integrated market research platforms. Trifecta Capital, Alteria Capital, and veteran investor Bharat Innovation Fund also participated in the round.
Due to its growth in the US, Europe, Southeast Asia, and the Middle East over the past two years, Entropik has increased by about 7 times. Its distinctive integrated research platform unites quantitative surveys, qualitative research, online panels, and emotion AI technologies under one roof, providing marketing and product firms with a one-stop shop.
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Ranjan Kumar, Founder & CEO of Entropik, said, “The world is evolving fast, and brands, whose foundation is understanding its consumer preference & behavior, are failing to deliver meaningful experiences. In our mission to enable brands to achieve a robust understanding of its consumer, we are thrilled to have Bessemer Venture Partners and SIG Venture Capital join this journey. The new round also comes as a testament to the rigor and hard work put in by our global team and the trust put by enterprises in our offerings.”
Entropik’s consumer research stack is used by over 150+ worldwide brands in the financial, media, consumer goods, food & beverage, and entertainment industries to make more effective, faster, and customer-centric decisions.
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Anant Puri, Partner, Bessemer Venture Partners, said, “We are delighted to partner with Ranjan, Lava, Bharat and the entire team at Entropik Tech, in their mission to create a globally-leading Emotion AI platform. We believe the strength of the platform lies in its multi-modal, cross-functional capabilities. We are excited to see the team extend their early leadership in the customer research category while continuing to expand into other categories as well.”, said Anant Puri, Partner, Bessemer Venture Partners.
Entropik’s AI-powered Integrated Market Research Platform provides a research platform covering Quant, Qual, Behaviour Analytics, Video Interviews & Self Captures with an integrated panel under one umbrella. It caters to 150+ global clients across sectors such as Telecom, BFSI, Media, CPG, FMCG, and Entertainment, among others.
Bhavanipratap Rana, Investment Advisor to SIG Venture Capital, said, “Entropik provides a faster and cheaper alternative for businesses to interact and understand customer feedback. In an increasingly digital world, consumer and user insights become core to businesses’ success in cultivating a loyal customer base. Marketers can now measure more accurately and assess consumer feedback with Entropik’s products, like Affect UX, Labs, and Decode. We are excited to invest and support the team at Entropik as they expand into new markets.”
The company has 17 global patents in Multi-Modal Emotion AI technologies like Facial Coding, Eye Tracking, and Voice AI. Entropik has won many awards and accolades, such as the Amazon AI Award 2018, and is quoted by Gartner as India’s ‘Top 5 Cool Vendors in AI’.
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Ashwin Raguraman, Co-founder and Partner, Bharat Innovation Fund, said, “There is a special feeling when you have been at the start of what is an incredible journey. Entropik has grown tremendously, powered by its DeepTech solutions and a high-quality, continuously evolving team. In enabling brands to improve their customers experiences, they are the engine powering how customers interact with their brands better. Their multimodal platform encompassing brainwave mapping, facial coding and voice tonality is globally unique. We hopped on the Entropik train a while back and are very happy to keep buying a ticket to extend our journey.”
In order to help research, marketing, and product teams transition to a more collaborative, agile, and scalable way of conducting research, Entropik will continue to disrupt consumer research for multinational brands and build world-class products out of India with the help of this most recent round of funding. Additionally, they’ll concentrate on enlarging their presence in the US, European, and Asian markets.
Entropik is a leading AI-powered Integrated Market Research Platform company founded in 2016. They enable research, marketing, and product teams to move towards a more continuous, collaborative, agile, and scalable way to capture user feedback research by democratizing research and insights data across the organization. Headquartered in Bengaluru, the company has a business presence across the United States, Canada, Europe, the Middle East, and Asia.