Entropik aims to provide effective consumer research solutions with 17 global patents in Multi-Modal Emotion AI technologies: Ranjan Kumar, Founder and CEO, Entropik

CXOToday has engaged in an exclusive interview with Mr. Ranjan Kumar, Founder and CEO, Entropik

1.  Tell us about Entropik.
   Entropik is a leading AI-powered Integrated Market Research Platform company founded in 2016. They enable research, marketing, and product teams to conduct quantitative and qualitative research in-house and move towards a more continuous, collaborative, agile, and scalable way to capture user feedback.Headquartered in Bengaluru, the company has a business presence across the United States, Canada, Europe, the Middle East, and Asia.

   The company has 17 global patents in Multi-Modal Emotion AI technologies like Facial Coding, Eye Tracking, and Voice AI. Entropik has won many accolades, such as the Amazon AI Award in 2018, and was quoted by Gartner as India’s ‘Top 5 Cool Vendors in AI’.

2.  What was that moment when the startup felt the need to launch the startup? Pain point that it is solving
   Prior to Citrus, I founded a company called OyeParty. Despite our efforts, we were unable to identify a clear differentiator in the initial stages, which led to its unfortunate shutdown. Subsequently, I wanted to establish a company where the differentiator was identified early on. The inspiration behind Entropik was to solve a human-level problem statement not limited by market or industry constraints, through a first principle approach. I realized that all businesses are founded on the interaction between businesses and customers, where the customer at the core is highly emotional by nature. Therefore, anything built around the subconscious emotional and behavioral understanding of humans is bound to be impactful.With the world becoming increasingly digital, and conversations no longer restricted to coffee shops, it became clear that digital transformation was inevitable. The challenge that arose then was to find ways to understand human behavior and emotion in the digital world. This is where Emotion AI comes in, as it offers a solution with a far-reaching impact on the timeline, as opposed to addressing a three-year-old problem. Entropik was envisioned as an IP-led product organization, providing a solution to a complex problem that hadn’t been resolved previously, and that’s how we came into existence.
3. Business model
   We operate as a B2B Software as a Service (SaaS) platform.
4. Can you tell us a bit about how you are using/ or plan to use ChatGPT?
   We are excited to see how ChatGPT can enrich our existing conversational platform called Decode. Our platform facilitates group discussions and direct interviews with customers to aid brands in determining the efficacy of their products, advertisements, or any specific research. We are currently testing how ChatGPT can be integrated within Decode through APIs to extract insights from conversations between brands and consumers. The initial results of the prototype have been encouraging, and we are now exploring ways to scale it up. In addition to that, we also plan to create localized models trained in regional languages and dialects to expand the reach of the platform in the future.
5. Can you tell us about your tech stack? In addition, how do you use AI?
   Our AI stack comprises of 

• Facial Coding – AI that uses webcam/ mobile cam feed to analyze facial expressions to know attention, engagement, and emotions 
• Eye Tracking – AI that uses webcam/ mobile cam feed to analyze eye movement and thus generates Heatmap of where exactly the user is looking on the screen. 
• Voice AI – Transcription and Tonality analyses of Voice feed from any conversation.

All this tech is used in the platform to understand consumer behavior as they go through a product or marketing experience for a brand.

6. Tell us how leveraging your products and services have helped brands such as ITC, Tata, and Godrej, respectively.
   Our products offer a unique proposition to leading brands such as ITC, TATA, and Godrej, enabling them to conduct comprehensive testing of their creatives and campaigns. By leveraging our cutting-edge technology, we can assist these brands in tracking consumer attention and engagement and identifying specific instances where it may decline/dip. The insights garnered through our platforms can result in up to a 30% lift in marketing spends for brands. Furthermore, we offer benchmarking services that allow brands to gauge their performance against their competitors, providing invaluable insights into their relative standing in the industry.
7. What are your plans for 2023? Tell us about some of the new things Entropik is working on?
   We’ve achieved 7x growth over the past 18 months. Moving forward, we aim to continue this upward trajectory, setting a new goal of tripling our growth in the next 18 months, equivalent to a 3x increase. We are currently undergoing product consolidation, with the aim of integrating Quant and Qual research in a single platform with our patented AI tools such as Facial Coding, Eye Tracking and Voice AI. In addition, we are investing in predictive technologies that leverage our vast repository of data. In terms of our business strategy, we are focused on expanding our reach into the US and EU markets.