Emotion AI startup Entropik Tech has raised ₹7.55 crores ($1.1 million) in a pre-series A funding led by Bharat Innovation Fund (BIF), along with IDFC-Parampara Capital, Arthavida Ventures and Jitendra Gupta, managing director of PayU. Other existing investors also participated in this round.
The funds raised will be used to scale its AI-based platform Affect Lab2.0, launch more IP-based products, and expand its footprint across the globe.
Entropik Tech is India’s emotion AI startup equipped with a full suite of emotion recognition technology. It was founded by Bharat Singh and Ranjan Kumar in 2016 with its headquarter in Bengaluru. Its product Affect Lab2.0 integrates EEG, Facial Coding and Eye Tracking to help brands create products that will enhance customer experience.
Ranjan Kumar, Founder and CEO, Entropik Tech said, “As consumers, our purchase and consumption decisions are strongly influenced by our emotions. We first decide on a purchase based on emotion, and then try to justify it through the more rational parts of our brain. Our online SAAS platform Affect Lab 2.0 enables brands to measure subconscious emotional responses to their offerings & create resonance with their consumers.”
It has a dedicated team of 20 members with strong technology and research backgrounds. The startup has clients all around the globe including GroupM, ITC, Myntra, IMRB, HDFC Bank, Bankbazaar, TATA Chemicals, UB Group, Viacom18, and TAM Media Research among others.
Entropik Tech is the first startup in the ₹690 crores ($100 million) Bharat Innovation Fund’s portfolio. BIF had recently marked the first close of its ₹690 crores fund. This fund is focused on Indian startups involved in innovative solutions in the field of healthcare, agriculture, energy, fin-tech, digital and other emerging sectors.
“Entropik Tech’s AI technique to interpret emotional states & responses from brainwaves is path-breaking and has a wide range of uses ranging from understanding consumer preferences to improving mental health. The possibilities are exciting and we look forward to supporting Entropik Tech in maximizing the potential of this disruptive technology,” said Ashwin Raguraman, Partner, Bharat Innovation Fund.