Market research platform provider Entropik has raised $25 million in Series B funding led by Bessemer Venture Partners and SIG Venture Capital. The round also saw participation from Trifecta Capital, Alteria Capital, and early backer Bharat Innovation Fund.
With this latest round of funding, Entropik will continue to disrupt consumer research for global brands and build products out of India, the company said in a press release. It will also focus on expanding its footprint across the US, Europe, and Asian markets.
Entropik claims to have grown ~7X in the last two years, riding on its patented Emotion AI Technologies and driven by its expansion into the US, Europe, Southeast Asia, and the Middle East.
Floated by Ranjan Kumar and Bharat Singh, seven year old Entropik uses facial coding, brainwave, and eye-tracking to interpret the consumers’ subconscious and emotional behavior across various touchpoints for advertising, media testing, audience response, and for other research and insights.
The company has 17 patents in multi-modal emotion AI technologies like facial coding, eye tracking, and voice AI.
According to the Bengaluru-based company, over 150 global brands across finance, media, consumer goods, food & beverage, and entertainment leverage its consumer research stack to make better consumer-centric decisions faster and efficiently.
Prior to this round, Entropik raised $8 million in its Series A funding round led by Alpha Wave Incubation in 2020 and $1.1 million in its pre-Series A round led by Bharat Innovation Fund in 2018. It has raised $35 million to date.
Entropik registered 91.7% growth in revenue from operations to Rs 15.3 crore during FY22 as compared to Rs 7.98 crore in FY21. As per the annual financial statement with the RoC, its losses also jumped 6X to Rs 17.7 crore during the year from Rs 2.91 crore in FY21.