Entropik, an AI-based integrated market research platform provider, has raised $25 million in a Series B investment led by Bessemer Venture Partners and SIG Venture Capital. Trifecta Capital, Alteria Capital, and long-time investor Bharat Innovation Fund also participated in the round.
The startup has now raised $35 million in funding with this latest round.
To enable the research, marketing, and product teams to move to a more collaborative, agile, and scalable way of conducting research, Entropik says it will use the funds to build world-class products out of India. The company also plans to expand in Asia, Europe, and the United States.
“The new round comes as a testament to the rigour and hard work put in by our global team and the trust put by enterprises in our offerings,” said Ranjan Kumar, Founder and CEO of Entropik.
“We believe the strength of the platform lies in its multi-modal, cross-functional capabilities,” said Anant Puri, Partner, Bessemer Venture Partners. “We are excited to see the team extend their early leadership in the customer research category while continuing to expand into other categories as well.”
Entropik, launched in 2016, says that its growth has increased by 7x over the past two years due to its expansion into the United States, Europe, Southeast Asia, the Middle East and its patented Emotion AI Technologies.
According to a statement, over 150 global brands in the finance, media, consumer goods, food and beverage, and entertainment sectors use Entropik’s consumer research stack to make consumer-centric decisions fast and efficiently.
“Entropik provides a faster and cheaper alternative for businesses to interact and understand customer feedback,” said Bhavanipratap Rana, Investment Advisor to SIG Venture Capital. “Marketers can now measure more accurately and assess consumer feedback with Entropik’s products, like Affect UX, Labs, and Decode.”