Project Financing

Bengaluru-Based Emotion AI Startup Entropik Tech Raises $1.1 Million

Entropik Tech

Entropik Tech Raises $1.1 Million From Bharat Innovation, Parampara Capital

Emotion recognition start-up Entropik Technologies Pvt. Ltd has raised $1.1 million from Bharat Innovation Fund and Parampara Capital.

Arthavida Ventures and Jitendra Gupta, managing director at PayU India, besides existing investors, also participated in the round, a senior company executive said on Wednesday.

Founded in 2016, Entropik says its technology, for which it has filed patents in India and the US, helps brands assess audience response to media content, product designs and its SAAS platform facilitates brainwave mapping, eye-tracking and facial expression analysis.

The Bengaluru-based startup has so far raised $200,000 in seed funding from angel investors Dileep Bhatt, president of downstream operations, JSW Steel Ltd, and Milind Chaudhary, director, Sea Global Services Pvt. Ltd, in 2016.

The artificial intelligence-based start-up, plans to utilize the capital to enter new avenues of emotion analysis using AI and machine learning, including human resources and chatbot assistants, while expanding global footprint.

“We will increase our global footprint in Southeast Asia and United States. We plan to launch in Singapore next month and in America in the next three to four months,” said Ranjan Kumar, co-founder and chief executive, Entropik, over telephone.

The company has over 50 clients, including FMCG firm ITC Ltd, Bankbazaar.com, e-commerce firm Myntra, which was merged with Flipkart in 2014, and information technology firm Accenture India.

Founded by Kumar, who previously headed business at Citrus Payments, and Bharat Singh Shekhawat, former software developer at Aloha Technologies, Entropik is in the prototyping stage for its patent, pending touch-based emotion recognition software, Chromo.

Source: https://www.livemint.com/Companies/fyuz6aEE3dsrZeqiWMooCO/Entropik-Tech-raises-11-mn-from-Bharat-Innovation-Parampa.html