AI-powered Indian market research startup raises $25m

Entropik, founded in 2016 and headquartered in Bengaluru, is an AI-powered Integrated Market Research Platform which provides a research platform covering quant, qual, behaviour analytics and video interviews with an integrated panel under one umbrella.

It says its AI-powered technology, which uses emotion AI like facial expressions and eye gaze, helps companies build better products.

It says it can help clients capture research in a more “scalable” and “agile” way than traditional market research competitors.

Entropik currently operates across the United States, Canada, Europe, the Middle East, and Asia and its clients include firms operating in telecoms, entertainment, and the FMCG sectors.

The funding, which brings its total funding to date to $35m is a combination of equity and debt in its Series B funding round led by Bessemer Venture Partners and SIG Venture Capital.

Others contributing to the round were Trifecta Capital, Alteria Capital, and long-time existing investor Bharat Innovation Fund.

The startup says it will use the funds to help build products in India and expanding its footprint across the US, Europe, and Asian markets.

Ranjan Kumar, founder & CEO of Entropik, said, “The world is evolving fast, and brands, whose foundation is understanding its consumer preference & behaviour, are failing to deliver meaningful experiences. In our mission to enable brands to achieve a robust understanding of its consumer.”

Bhavanipratap Rana, investment advisor to SIG Venture Capital, said, “Entropik provides a faster and cheaper alternative for businesses to interact and understand customer feedback. 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. We are excited to invest and support the team at Entropik as they expand into new markets.”