AI-based integrated market research Platform provider Entropik has raised $25 million in a Series B funding round, led by Bessemer Venture Partners and SIG Venture Capital. The round also includes participation from Trifecta Capital, Alteria Capital, and Bharat Innovation Fund. The company plans to use the funds for product development and expansion in the US, Europe, and Asia.
With this latest funding round, Entropik has now raised a total of $35 million. The company intends to utilize the funds to develop state-of-the-art products in India and to facilitate a more cooperative, flexible, and scalable research process for its research, marketing, and product teams. In addition, Entropik plans to expand its reach to the United States, Europe, and Asia. The CEO of Entropik, Ranjan Kumar, stated that this latest round of funding is a testament to the hard work and dedication of their global team and the confidence placed in their offerings by enterprises.
Anant Puri, Partner, Bessemer Venture Partners said, “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.”
Founded in 2016, Entropik has seen rapid growth in recent years, reportedly expanding seven-fold in the past two years. This growth can be attributed to the company’s patented Emotion AI Technologies and its presence in multiple regions including the United States, Europe, Southeast Asia, and the Middle East. Over 150 leading brands across industries such as finance, media, consumer goods, food and beverage, and entertainment utilize Entropik’s consumer research tools to make data-driven decisions.
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According to a statement, these tools provide a quicker and more cost-effective way 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 with greater accuracy.