The funding round also saw participation from existing investors– Bharat Innovation Fund and IDFC Parampara Fund, the startup said in a statement on Wednesday.
Entropik Tech plans to utilise the funds to expand its presence to the US, European Union and South East Asia. It also plans to deepen its artificial intelligence capabilities, leveraging its current over 26 million emotion session data sets to deliver predictive offerings. This round of funding will help further scale international growth and ramp up its deep-tech capabilities.
“As part of this investment from Alpha Wave Incubation, Entropik will expand its presence to the US, European Union, South East Asia while leveraging Abu Dhabi as a base to scale in GCC (Gulf Cooperation Council) and MENA (Middle East and North Africa) markets,” the company said.
Through its platform, Entropik plugs a critical gap in consumer insights and research industry and has over 17 patent claims in facial coding, brainwave tracking, and eye tracking.
“We have seen a huge demand for our Emotion AI platform, achieving over 10X revenue growth in the last 3 quarters. I am proud of our team for their persistence, and thankful to our investors for believing in our vision,” Entropik Tech founder and CEO Ranjan Kumar said.
The Bengaluru-based startup said its product– affectlab.io–allows consumer brands to measure and interpret the consumer’s subconscious and emotional behavior across various touch points. It works with Fortune 500 companies including clients like P&G, Barclays, Maersk, Accenture, Target etc.
This article was first published on livemint.com