Saturday, June 3, 2023

AI-based integrated market research platform provider Entropik raises $25M in a Series B round

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Entropik, an AI-based integrated market research platform provider, has raised $25 million in a Series B funding round led by Bessemer Venture Partners and SIG Venture Capital, with participation from Trifecta Capital, Alteria Capital, and long-time investor Bharat Innovation Fund.

The startup plans to use the raised capital to build world-class products out of India, enabling the research, marketing, and product teams to move towards a more collaborative, agile, and scalable way to conduct research as well as focus on expanding across United States, Europe and Asia.

Entropik, founded in 2016, has seen significant growth in the last two years, with the company claiming to have grown by approximately 7x. This growth has been attributed to its patented Emotion AI Technologies and its expansion into several regions, including the United States, Europe, Southeast Asia, and the Middle East.

“We believe the strength of the platform lies in its multi-modal, cross-functional capabilities,” said Anant Puri, Partner, Bessemer Venture Partners. “We are excited to see the team extend their early leadership in the customer research category while continuing to expand into other categories as well.”

Over 150 global brands across various industries, including finance, media, consumer goods, food and beverage, and entertainment, use Entropik’s consumer research stack to make consumer-centric decisions. A statement from the company noted that Entropik provides a faster and more cost-effective alternative for businesses to interact with and understand customer feedback.

Bhavanipratap Rana, Investment Advisor to SIG Venture Capital, stated that Entropik’s products, such as Affect UX, Labs, and Decode, allow marketers to measure consumer feedback more accurately. This, in turn, enables businesses to make more informed decisions about their customers.

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