Platform to Showcase Innovative Startups and Tech NewsPlatform to Showcase Innovative Startups and Tech News
    Facebook Twitter Instagram
    Platform to Showcase Innovative Startups and Tech NewsPlatform to Showcase Innovative Startups and Tech News
    Facebook Twitter YouTube
    • Featured Startups
    • Funding News
    • CEO Interviews
    • Startup Resources
    • Inspiring Stories
    • Submit Startup
      • Pitch VCs
    • More
      • Our Team
      • Advertise
      • Write for us
      • Privacy policy
      • Startup listing
      • Steal The Deal
      • Contact
    Platform to Showcase Innovative Startups and Tech NewsPlatform to Showcase Innovative Startups and Tech News
    Home»Funding News»AI Startup Entropik Raises INR 59.90 crores from Flacon Edge and Existing Investors
    Funding News

    AI Startup Entropik Raises INR 59.90 crores from Flacon Edge and Existing Investors

    Girish ShettiBy Girish ShettiAugust 25, 2020Updated:August 25, 20203 Mins Read
    Facebook Twitter LinkedIn Email
    Share
    Facebook Twitter LinkedIn Email

    AI startup Entropik, which seeks to decode the complex human emotion through the power of AI, has raised INR 59.90 crores in a fresh funding round led by Flacon Edge’s India focused fund Alpha Wave incubation. Existing investors Bharat Innovation Fund and Parampara Capital also participated in the round.

    Entropik’s Co-founder & CEO Rajan Kumar

    This is the maiden funding round for the Bengaluru based startup since 2018 when it secured $1.1 Mn funding as part of the series A round that was led by Bharat Innovation and Parampara Capital. Previously, the AI startup had raised $200,000 from two HNI investors as part of the seed funding round in 2016.

    As per regulatory filings accessed by Techpluto, for carrying out the proceedings of the latest funding round Entropik issued total 6,138 Series A Compulsorily Convertible Preference Shares (series A CCPS) of face value of Rs 100 each at a premium of Rs 97,499,35 to Alpha Wave, Bharat Innovation Fund and and Parampara Capital.

    Alpha Wave has been allotted 3845 shares for its INR 37.52 crores, Bharat Innovation has been allotted 1909 shares for its contribution of INR 18.63 crores and Parampara Capital has been issued 384 shares for its INR 3.74 crores contribution.

    Entropik has disclosed in its regulatory filings that the latest funding round was necessitated to meet company’s funding requirements. However, the company did not elaborate about its funding requirements in the filings.

    Notably, this is probably among Flacon Edge’s first big ticket investment in India after the New York investment firm raised $300 Mn India focused fund earlier this year. The fund was named as Alpha Wave Incubation. As per reports, few months back Entropik was equally holding talks with Sequoia Capital for seeking investment but these talks apparently seems to have fizzled down.

    In a separate development, Entropik’s co-founder & Head of Engineering Bharat Shekhawat Singh has resigned from the company’s board of directors team, according to the regulatory filings. In the company’s regulatory filings, Singh cited “certain preoccupation” as the main reason for his resignation from the company’s board. Entropik’s management has duly accepted his resignation.

    Singh’s exit has coincided with the entry of new director in the form of Ashwin Raguraman, founding partner, Bharat Innovation Fund. Since Bharat Innovation Fund is one of the largest stakeholders in the company, Raguraman’s appointment doesn’t come as a surprise.

    Incorporated in 2016, Entropik falls in the niche category of Emotional AI that aims to tap into the complicated world of human emotions and simplify it to the extent that it can be used for the betterment of products & services. The company claims Intel, Myantra, Accenture and Vodafone among its many high profile customers.

    Apart from India, the company also boasts a presence in Southeast Asia and the American market.

    AI startups Entropik featured startup funding
    Share. Facebook Twitter LinkedIn Email
    Girish Shetti

    Related Posts

    Twitter launches new $5000 API plan for Startups  

    May 26, 2023

    OpenAI may Exit Europe if Regulation Toughens, says CEO Sam Altman

    May 25, 2023

    Netflix kicks off its Password Sharing Feature in U.S & 100 other countries

    May 24, 2023

    WhatsApp finally allows you to Edit Sent Messages

    May 23, 2023

    Leave A Reply Cancel Reply

    Popular Post
    • Why is one Airpod louder than the other- reason and fixes Why Is One Airpod Louder Than The Other- Reason And Fixes
    • Is Real Estate Investment Trusts a Good Career Path Is Real Estate Investment Trusts a Good Career Path? [Complete Guide]
    • advertisement examples 16 Creative Product Advertisement Examples & Ad Campaigns You Must See
    • Places that hire at 15 Places that Hire at 15 Years – Top Choices for Teenagers
    • Pestel Analysis PESTEL Analysis – What it Means and its 6 Factors Explained
    Category Posts
    • Twitter launches new $5000 API plan for Startups  
    • how to reset instagram explore page How to Reset Instagram Explore Page: A Comprehensive Guide
    • how to convert picture to pdf on iphone without app How to Convert Picture to PDF on iPhone Without an App
    • why is share focus status on for some contacts Why Is Share Focus Status On for Some Contacts? Understanding and Managing Your Focus Status
    • why won't my phone send pictures Why Won’t My Phone Send Pictures? Troubleshooting Tips and Solutions
    Our Partners
    Shopping online for Windows tablet - DHgate
    Platform to Showcase Innovative Startups and Tech News
    Facebook Twitter YouTube
    • Popular Posts
    • Advertise
    • Submit A Startup
    • Privacy policy
    • Disclaimer
    © 2023 Techpluto. Designed by Techpluto.

    Type above and press Enter to search. Press Esc to cancel.

    Catch the latest news from Startup World in your Inbox!
    [email protected]