Entropik bags $25 mn from Bessemer, SIG to further build its emotion AI tech suite

Artificial intelligence-powered integrated market research platform provider Entropik has secured $25 million in Series B funding led by Bessemer Venture Partners and SIG Venture Capital. Its existing investor Bharat Innovation Fund and venture debt funds Trifecta Capital and Alteria Capital also participated in the round. 

The company said it will use the capital to further build its emotion AI technology suite that enables senior business leaders, like chief marketing officers (CMOs), chief product officers (CPOs), and chief customer officers (CCOs) to understand what emotions customers are feeling while they’re sharing feedback. 

Founded in 2016 by Ranjan Kumar, Lava Kumar and Bharat Shekhawat, Entropik’s AI solutions democratise research and insights data across the organisation to enable research, marketing, and product teams to capture user feedback efficiently. Its research platform covers quantitative, qualitative and behaviour analytics, video interviews and self-captures with an integrated panel under one umbrella. 

"The world is evolving fast, and brands, whose foundation is understanding its consumer preference and behaviour, 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, Ranjan Kumar, Founder and CEO of Entropik, said.

Entropik’s product suite consists of four key products such as Affect Lab, Affect UX, Affect API, and Decode. Affect Lab is a cloud-based consumer insights solution that leverages eye tracking and facial expression detection, in combination with other data points, such as brain wave mapping, to understand user behaviour. Affect UX is similar to Lab, but targeted at UX designers and product managers to receive user feedback. Affect API allows customers to integrate emotion detection into an existing mobile app or webpage to obtain real-time customer analytics including emotional data points. Decode is an analytics platform that focuses on conversational insights from audio and video conversations using voice tonality and transcription. 

The company claims its growth skyrocketed seven-fold in the past two years, driven by expansion into key global markets such as the US, Europe, Southeast Asia, and the Middle East. Over 150 global brands across finance, media, consumer goods, food and beverage, and entertainment use Entropik's consumer research stack. 

“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.