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06 Jul, 2021
The investment round was led by the $300m Alpha Wave Incubation (AWI) fund, a unit of Falcon Edge Capital and backed by ADQ
India, 1st September 2020: Entropik Tech, a leading Emotion AI company based out of Bangalore, India, has raised USD 8 million as part of its Series A Funding. The investment round was led by Alpha Wave Incubation (AWI), a $300m venture fund, managed by Falcon Edge Capital, a leading global alternative asset manager, and backed by ADQ, one of the largest regional holding companies based in Abu Dhabi. The round was also participated in by existing investors, Bharat Innovation Fund, who increased their stake in the company and IDFC Parampara Fund.
Through its AI-first SaaS based technology platform, Entropik plugs a critical gap in the consumer insights and research industry. With over 17 patent claims in facial coding, brainwave tracking, and eye tracking, Entropik is poised to disrupt the $30bn consumer insights industry.
The company’s flagship product, affectlab.io, allows consumer brands to measure and interpret the consumer’s subconscious and emotional behavior across various touch points. Brands see up to 75% ROI uplift on marketing spends, 16% improvement in customer drop off rate and 35% improvement in customer satisfaction scores.
As part of this investment from AWI, Entropik will expand its presence to US, EU, SE Asia while leveraging Abu Dhabi as base to scale in GCC, MENA markets. In addition, Entropik plans to utilize the funds to deepen its AI capabilities, leveraging its current 26 mil+ Emotion session Data sets to deliver predictive offerings.
Entropik has already demonstrated ~150%+ net dollar retention and best-in-class sales and capital efficiency ratios. Its turnaround time on project completion is 1/7th versus traditional agencies, underlining it strong ROI to customers while offering higher accuracy.
Sharing his thoughts on the Series A funding, Ranjan Kumar, Founder and CEO, Entropik Tech, said, “We have seen a huge demand for our Emotion AI platform, achieving 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.”
Anirudh Singh, Managing Director, Alpha Wave Incubation, commented, “Entropik is targeting a large, global, multi-billion dollar market opportunity which has traditionally been hard to address through technology. Entropik’s superior growth has been a result of its robust customer traction and a compelling ROI for its enterprise customers. Entropik continues to drive best-in-class accuracy, customer retention and performance metrics. We are excited for Entropik to unleash its full potential with a global launch pad in Abu Dhabi.”
Having seen Entropik’s journey since early days, Ashwin Raguraman, Founding Partner – Bharat Innovation Fund, said, “Entropik has progressed phenomenally since our first round of funding, It is disrupting the customer experience testing and management space with a heady cocktail of cutting edge technologies including AI, EEG and Facial coding and is rapidly emerging as a global leader in the space. It is exciting to be a part of a new to the world effort that could help its customers build very engaging customer touchpoints and journeys.”
The company works with Fortune 500 companies and includes clients like P&G, Barclays, Maersk, Accenture, Target etc. This round of funding will help further scale international growth and ramp up its deep tech capabilities.
About Entropik Tech:
Founded in 2016, Entropik is world’s leading Emotion AI Platform helping brands measure its customers subconscious behavior. With over 80+ Enterprise Customers across BFSI, CPG, Media & Ent. And Telecom relying on Entropik solutions to provide Consumer Insights. Entropik has 17 Global Patent claims pending in the arena of Multi Modal Emotion recognition. Among many prestigious ones, company has won Amazon AI Award 2018 and has been quoted by Gartner as India’s ‘Top 5 cool vendor in AI’ by Gartner. Currently based out of Bangalore, Company has its business presence across North America, EU and SE Asia.
About Alpha Wave Incubation (AWI)
Alpha Wave Incubation (AWI) is a $300m venture fund managed by Falcon Edge Capital, and backed by ADQ. AWI has a dedicated team across London, Bangalore and Abu Dhabi.
The fund invests in early stage tech-enabled, disruptive start-ups in India and South East Asia. In addition to providing outstanding founders with early-stage capital, AWI offers access to an unrivaled set of support mechanisms for business-building, while also helping companies expand globally and open up new markets in the GCC/MENA region and beyond.
ADQ is one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.
Falcon Edge Capital is a diversified global alternative asset manager co-founded in 2012 by Rick Gerson, Navroz D. Udwadia and Ryan Khoury. Falcon Edge manages approximately $4 billion in assets across public and private markets. Falcon Edge has offices in New York, London and Bangalore. The firm offers a variety of investment products and strategies that cover a number of asset classes, themes and geographies.
About Bharat Innovation Fund (BIF )
Bharat Innovation Fund backs fearless entrepreneurs building IP-driven companies of consequence from India. It is an early stage venture capital fund with a mission to invest in deeptech Indian startups who are creating breakthrough and advanced technology innovations.
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