Entropik, an Indian AI-based market research platform provider, has raised $25 million in a Series B funding round, bringing its total funding to $35 million.
The funds will be used to develop world-class products in India and help the research, marketing, and product teams to collaborate, work in an agile manner, and scale up. The company plans to focus on expanding its presence in the United States, Europe, and Asia.
Ranjan Kumar, Founder and CEO of Entropik, said, “The new round comes as a testament to the rigor and hard work put in by our global team and the trust put by enterprises in our offerings.” Anant Puri, Partner at Bessemer Venture Partners, added, “We believe the strength of the platform lies in its multi-modal, cross-functional capabilities. 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.”
Entropik was founded in 2016 and has seen growth of ~7x in the last two years, thanks to its patented Emotion AI technologies and expanding presence in the United States, Europe, Southeast Asia, and the Middle East. Over 150 global brands across finance, media, consumer goods, food and beverage, and entertainment sectors use Entropik’s consumer research stack to make consumer-centric decisions efficiently.
Bhavanipratap Rana, Investment Advisor to SIG Venture Capital, said, “Entropik provides a faster and cheaper alternative for businesses to interact and understand customer feedback. Marketers can now measure more accurately and assess consumer feedback with Entropik’s products, like Affect UX, Labs, and Decode.”
With the latest funding round, Entropik is set to take the market research industry by storm and revolutionize the way businesses interact with and understand their customers. The company’s focus on expanding globally and developing cutting-edge AI-based products will certainly help it achieve its goals.
The round was led by Bessemer Venture Partners and SIG Venture Capital, and also saw the participation of Trifecta Capital, Alteria Capital, and Bharat Innovation Fund.