Entropik Technologies Pvt Ltd, an artificial intelligence startup focussed on emotion analytics, has raised $8 million (Rs 58 crore) in Series A funding.
The round in Bengaluru-based Entropik was led by Alpha Wave Incubation, a $300 million single-LP venture fund anchored by Abu Dhabi’s state entity ADQ and managed by Navroz Udwadia, a co-founder of New York-based Falcon Edge Capital.
Other participants in the round include existing investors Bharat Innovation Fund and IDFC Parampara Early Stage Opportunities Fund, the startup said in a statement.
Entropik was set up by Ranjan Kumar in 2016. The startup says it has over 17 patent claims in facial coding, brainwave tracking, and eye tracking.
Its flagship product – affectlab.io – allows consumer brands to interpret and measure customers’ emotional behaviour.
The company will use the funds to expand its presence to markets in the United States, the European Union, Southeast Asia, and West Asia. It will also use the capital to enhance its AI-based capabilities.
Entropik says its customers include companies such as P&G, Barclays, Maersk, Accenture, and Target.
In July 2018, it raised $1.1 million (around Rs 7.6 crore) in a pre-Series A round of funding led by Bharat Innovation Fund. IDFC-Parampara Capital, Arthavida Ventures and angel investor Jitendra Gupta also participated in the round.
In November 2016, Entropik raised seed funding from Dileep Bhatt, president of downstream operations at JSW Steel Ltd, and Milind Chaudhary, director of Sea Global Services Pvt. Ltd.