Software-as-a-service platform Entropik Technologies Pvt Ltd has raised Series B funding of $25 million (around Rs 207 crore) co-led by Bessemer Venture Partners and SIG Venture Capital.
The round also saw participation from Trifecta Capital, Alteria Capital and existing investor Bharat Innovation Fund.
The Bengaluru-based firm will use the fresh funds to support its research, marketing and product teams.
Founded in 2016, Entropik is a market research platform that leverages artificial intelligence to understand consumers’ cognitive and emotional responses. It offers quantitative surveys, qualitative research, online panel and patented emotional AI technologies to its clients.
The company also aims to double down its investments in the US and European markets, which account for nearly 70% of its topline, said founder and chief executive officer Ranjan Kumar.
It is also aiming to grow its revenue by 3x in the next 15 months. “We have grown nearly 7x in the last 18 months in terms of revenue,” Kumar claimed, adding that the company has the right teams to grow scale further.
He further added that the company has remained largely operationally profitable with Ebitda (earnings before interest, taxes, depreciation, and amortisation) of nearly 30%, courtesy of high margins in the business.
“In an increasingly digital world, consumer and user insights become core to businesses' success in cultivating a loyal customer base. Marketers can now measure more accurately and assess consumer feedback with Entropik's products, like Affect UX, Labs, and Decode," said Bhavanipratap Rana, Investment Advisor to SIG Venture Capital.
The company claims to have more than 150 global brands across finance, media, consumer goods, food and beverage, and entertainment as its clients which uses its services to make better consumer-centric decisions faster and more efficiently. It also claims to have 17 patents in multi-modal emotion AI technologies such as facial coding, eye tracking, and voice AI.
Prior to this round, Entropik Tech had raised $8 million in its Series A funding round led by Alpha Wave Incubation (AWI). Existing investors Bharat Innovation Fund and IDFC Parampara Fund also participated in the round. It had also raised around Rs 7.6 crore in its pre-Series A round led by Bharat Innovation Fund in 2018.
