NEUROSCIENCE marketing startup NeuroTrend has raised US$1.5 million in seed funding by Trive Ventures. Other investors in the round include angel investors Heliconia Capital chairman Lim How Teck and Majuven managing partner Lim Ho Kee.
NeuroTrend originated from Russia and now bases its international headquarters in Singapore.
Since April 2018, the firm has opened three neuromarketing labs, two of which are located in its partners’ premises. Its partners are interactive marketing firm Tribal Worldwide and Singapore Press Holdings, which owns The Business Times.
NeuroTrend said in a press statement that traditional market research survey methods engage the conscious state, which can provide only up to 10 per cent of consumer insights. But neuromarketing delivers up to 90 per cent as it focuses on the unconscious and physiological reaction of a consumer.
The firm analyses consumer insights based on four parameters - attention, interest, memory retention and emotional involvement - and can generate a report in as fast as seven days. The industry standard is a few months, said NeuroTrend.
Focus group respondents are analysed via an electroencephalography (EEG) headset, an eye tracker, a polygraph instrument and a facial reader camera. These devices are integrated to collect signals from the brain, eye movements, physiological measurements and facial expressions, which are then sent to a server.
NeuroTrend then analyses the data using its patented neuroscience complex software and algorithms enhanced by artificial intelligence.
Victor Levin, executive chairman of NeuroTrend, said that in recent years, neuroscience technology has played a key role in helping companies optimise their marketing dollars.
“It is today considered a serious research area that is scientifically sound, genuinely interesting field in cognitive science, where the response to products and consumer decision-making is understood on the level of body and mind,” said Mr Levin.
The firm plans to establish a research and development lab in Singapore to develop its neuroscience capabilities, as well as an analytics lab of engineers and scientists to support its Russian facility in generating consumer reports for global clients.
NeuroTrend is Trive Venture’s first foray into investing in deep tech.
Christopher Quek, managing partner of Trive Ventures, said: “We are impressed by the level of IP (intellectual property) development that Natalia and her team of 50 scientists and researchers have done. NeuroTrend’s decision to be based out of Singapore is aligned to our investment goals of commercialising IPs via Singapore.”