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Thursday, March 23, 2023

Emotion AI startup Entropik receives $25M investment

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Entropik has raised $25 million in Series B funding led by Bessemer Venture Partners in order to consolidate its various tools into a single platform.

Entropik, an AI-based online market research business, has secured $25 million in a Series B fundraising round headed by Bessemer Venture Partners.

SIG Venture Capital, Trifecta Capital, Alteria Capital, and returning investor Bharat Innovation Fund are among the other investors.

According to creator and CEO Ranjan Kumar, about $3.5 million of the investment was loan financing. He would not provide Entropik’s post-funding worth.

Kumar told that the new cash will be used to unify the company’s numerous products into a single platform.

The startup, which was formed in Bengaluru in 2016, has so far raised around $35 million.

It claimed to have more than sevenfolded its topline in the previous two years, owing to its unique Emotion AI technology and growth into the United States, Europe, Southeast Asia, and the Middle East.

Entropik’s research platform is used by over 150 worldwide businesses in finance, media, consumer goods, foods and beverages, and entertainment. It combines quantitative surveys, qualitative research, online panels, and unique emotion AI technologies that leverage webcam, voice, and eye movement.

Entropik’s team of 217 employees uses its aggregated base of 60 million customers across 120 countries to meet the marketing and product demands of its clientele.

Previously, IIT-Kharagpur graduates co-founded two more firms, Red Castle and OyeParty.

Entropik generates over 70% of its sales in the United States and Europe, with the remainder coming from India and Southeast Asia. Hume AI, situated in New York, is a global competitor in Entropik’s domain.

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