AI market research platform provider, Entropik, has secured $25 million in Series B funding through a round led by Bessemer Venture Partners and SIG Venture Capital, with additional support from Trifecta Capital, Alteria Capital, and Bharat Innovation Fund.
The funding received by Entropik will aid in their journey towards a more collaborative, flexible, and scalable approach to conducting research. Additionally, this funding will aid in the expansion of their presence and reach in the markets of the United States, Europe, and Asia.
More than 150 international brands across various industries, such as finance, media, consumer goods, food and beverage, and entertainment, use the consumer research solutions offered by Entropik to make data-driven decisions that prioritize the needs and wants of consumers. This allows these brands to make these decisions more quickly and efficiently, leading to improved results.
According to Ranjan Kumar, the Founder and CEO of Entropik, the world is undergoing rapid change and many brands are struggling to provide meaningful experiences to their customers due to a lack of understanding of consumer preferences and behavior. He expressed his excitement at having Bessemer Venture Partners and SIG Venture Capital join their mission to help brands gain a deeper understanding of their consumers.
Entropik reported that they have experienced significant growth over the last two years, with a 7x increase in size. This growth is attributed to their patented Emotion AI Technologies and their expansion into various regions including the United States, Europe, Southeast Asia, and the Middle East.
Anant Puri, a Partner at Bessemer Venture Partners, noted that the strength of Entropik’s platform lies in its ability to integrate multiple modes of data and its versatility across different functions.
Bhavanipratap Rana, who serves as Investment Advisor to SIG Venture Capital, stated that Entropik offers a more efficient and cost-effective way for businesses to engage with and comprehend customer feedback.
Ashwin Raguraman, who is the Co-founder and Partner at Bharat Innovation Fund, stated that Entropik’s platform, which integrates brainwave mapping, facial coding, and voice tonality, is one of a kind and unparalleled on a global scale.
