Entropik Tech raises $1.1mn for EmotionAI from Bharat Innovation, Parampara Capital
Entropik Tech's Affect Lab 2.0 platform allows brands to measure customer response for advertisements, movie trailers and long format video content
Published - Jul 27, 2018 12:45 PM Updated: Jul 27, 2018 12:45 PM
Entropik Tech, an emotion recognition start-up, raised $1.1mn from Bharat Innovation Fund and Parampara Capital, Arthavida Ventures and Jitendra Gupta (MD, PayU) along with existing investors, who also participated in the round.
The investments will help Entropik Tech scale their platform Affect Lab2.0, launch more IP based products and increase global footprint.
Based out of Bangalore, Entropik Tech is a 20 member team that relies on over 150 years of collective experience to build EmotionAI based products and technologies. It has filed multiple patents since its inception and recently achieved a 100 per cent revenue growth in the previous quarter.
Part of ‘Viacom18 VStEP’ program, ‘Accenture Ventures Cohort’, ‘SAP’& ‘Plug And Play’ accelerator programs, the tech start-up is also the first company in the $100mn Bharat Innovation Fund’s portfolio.
Ranjan Kumar, Founder & CEO, Entropik Tech said, “We live in an era of digital clutter, where almost 300 hours of video are uploaded every minute on a single platform like YouTube. On the other hand, talking about human attention span, we can merely clock 12 to 8 seconds of attention, even lesser than a Goldfish! So be it short format content like ads and trailers or the long format content like movies and TV series, only content that strikes an emotional resonance captures the consumer mindshare.”
Developed to decode consumer emotions, Affect Lab 2.0 enables brands and publishers to understand how consumers feel about their ads, trailers and promos by measuring their subconscious responses. Brands can also benchmark their content against competition.
Entropik Tech is already associated with more than 50 Consumer brands, Digital Agencies & Media Houses like Viacom18, TAM Media Research, Group M, Myntra, ITC, Xiaomi, Born group, Star TV, Sony Motion Pictures &Yash Raj group among others.
Speaking of effectiveness, Kumar says, “We also help brands optimize their content and with our recommendations, they have been able to trigger a jump as high as 4x views per dollar spent. For TV promos, we also predict the likely viewership conversion using ‘Emotional Efficacy’ of content, thus empowering publishers to invest on the winners to reap best marketing ROI.”
Ashwin Raguraman, Partner, Bharat Innovation Fund said, “Entropik Tech’s AI techniques to interpret emotional states and responses from brainwaves is path breaking and has a wide range of uses ranging from understanding consumer preferences to improving mental health. The possibilities are exciting and we look forward to supporting Entropik in maximizing the potential of this disruptive technology.”
Jatin Desai, General Partner, Parampara Capital, said, "We are very excited to be part of Entropik’s journey as Ranjan and his team have built world class products in Emotion-AI using deep tech with multiple use cases across various verticals. Their products have relevance both in India and for global markets and it's a perfect fit for IDFC-Parampara Fund’s investment theme."
“It’s extremely gratifying to have over 50 clients spread across media and advertising, FMCG, retail and market research industries, use our platform to know more about their consumers and optimize their ads, trailers, products and User Experience ( UX ). I am very excited about the disruptive potential EmotionAI has towards solving real business problems. There is a lot to be done,” concluded Kumar.
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