India: AI startup Entropik Tech nabs $8m funding led by Alpha Wave

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Entropik Tech, an artificial intelligence-powered emotional intelligence platform, has raised $8 million (about Rs58.4 crore) in a series-A funding round led by Alpha Wave Incubation.

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

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.