Entropik Tech is an Emotion AI tech startup which helps its customers understand consumer behaviour in the most scientific and scalable way. Ranjan Kumar, Founder & CEO, Entropik Tech, shares how the company is empowering marketers
Please give a brief background of your company. How you are positioning yourself as an Emotion AI startup?
Established in the year 2016 with a vision towards creating a world that is not just artificially intelligent but also emotionally perceptive, Entropik Tech is India’s only Emotion AI startup. Our online platform, Affect Lab helps brands – a) Measure cognitive and emotional response of consumers towards content or product experiences, & – b) Optimise these experiences to resonate emotionally with the consumer.
How are you using AI to study the emotional perspective of consumer behaviour?Studies show that people rely on emotions, more than anything else, to make their purchase decisions. Using the power of AI, we tap into the emotional perspective of consumer behaviour by combining emotion recognition tech (EEG brainwave mapping, eye tracking, and facial expression analysis) and AI models.
Emotion Analytics including cognitive and behavioural parameters such as attention, appreciation, attentiveness, happiness, boredom, familiarity, etc., enables brands to conduct consumer behavior research and measure consumer’s response towards media content, ad commercials, product design, UX/UI platforms and other brand communication materials.
Which are the key industry verticals and brand segments you are looking to target?
We work with consumer brands, content creators and broadcasters, market research agencies and user experience design studios.
Avenues for applications of Emotion AI are plentiful including recruitment, medical diagnosis and assistance, loan evaluation, customer service, automobile passenger safety, optimisation of ROI for marketers and many more.
What has been the focus of your channel marketing strategy?
Our platform enables channel partners; namely digital marketing agencies, market research firms, digital innovation consultancy to help leverage the power of emotion analytics to help consumer brands serve with emotionally optimised marketing campaigns and content. Some of the key channel partners for us are Accenture, Aidem, TAM Media Research, etc.
As a tech startup, at an early stage, you need partners who have quicker access to market and needful domain expertise to help achieve product market fit at a low cost. Given that tech startups have technology capability as their core skill set, channel partners are key to early success in the market.
What are your plans for the future in terms of strategic expansion?
Currently we have footprints in North America, SE Asia, Europe markets through channel partners. We are soon looking to partner with a few key channel partners for MEA market.
Are you looking at introducing any new technology solutions for marketers in the near future?
With our cutting-edge Emotion AI platform, we are soon launching Affect lab 2.0, which will be predictive in nature allowing marketers to optimise their communication, creative and media plan to optimal emotional resonance. This would be first of its kind Emotion AI application to marketers in India. The update will also include a online native panel for more robust platform enabling experience testing in a fundamental way at scale in near real-time.
Can you give us more information about the market scenario for Emotion AI?
The global emotion detection and recognition market is estimated to witness a CAGR of 32.7 per cent over the forecast period (2018 – 2023), driving the market to reach 24.74 billion by 2020, according to a Reuters report.
In India, Nielsen is the only other company that has the capability to offer brainwave mapping, facial recognition and eye tracking. However, it has a lab-based service-project model and not a SaaS platform, unlike us. It’s the only company that can measure Emotion Analytics. No other company has the ability to measure Emotion Analytics using Emotion Recognition Technology and nor the ability to convert raw data to marketing metrics which can be used to create and optimise advertising campaigns.
Entropik Tech is dedicated to building Emotion AI.