Source: Live Mint
Entropik Tech, an artificial intelligence-powered emotional intelligence platform, has raised $8 million (about Rs58.4 crore) in a series-A funding round led by Alpha Wave Incubation, a $300-million venture fund, managed by Falcon Edge Capital and backed by ADQ, one of the largest regional holding companies based in Abu Dhabi.
The funding round also saw participation from existing investors, Bharat Innovation Fund and IDFC Parampara Fund, the startup said in a statement on Wednesday.
Entropik Tech plans to utilise the funds to expand its presence to the US, European Union and South East Asia. It also plans to deepen its artificial intelligence capabilities, leveraging its current over 26 million emotion session data sets to deliver predictive offerings. This round of funding will help further scale international growth and ramp up its deep-tech capabilities.
“As part of this investment from Alpha Wave Incubation, Entropik will expand its presence to the US, European Union, South East Asia while leveraging Abu Dhabi as a base to scale in GCC (Gulf Cooperation Council) and MENA (Middle East and North Africa) markets," the company said.
Through its platform, Entropik plugs a critical gap in consumer insights and research industry and has over 17 patent claims in facial coding, brainwave tracking, and eye tracking.
“We have seen a huge demand for our Emotion AI platform, achieving over 10X revenue growth in the last 3 quarters. I am proud of our team for their persistence, and thankful to our investors for believing in our vision," Entropik Tech founder and CEO Ranjan Kumar said.