SINGAPORE – NeuroTrend Pte Ltd, globally recognised neuroscience technology company, which originated from Russia, and will expand its global presence through Singapore, has raised an undisclosed seed round from TRi5 Ventures. NeuroTrend looks to partner with creative agencies and media companies to launch the first-of-its-kind next generation neuromarketing consumer insights lab to provide a deeper level of consumer insights for advertisers.
According to a recent study released by MAGNA, IPG Media brands' research arm, global advertising spends in 2016 was USD $493b, and USD $44.5b was spent on market research and the Asia-Pacific region is forecast to see a growth rate of 5.4 percent. Advertising agencies and broadcast media companies are now turning to data analytics to further deepen their engagement and effectiveness of advertisements.
Natalia Galkina, CEO, NeuroTrend Pte Ltd, says, “Over the recent past, neuro scientific 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. We are confident that creative agencies and media companies in this region will benefit immensely from this new-age technology.”
Focus group respondents are analyzed via an Electroencephalography (EEG) headset, an eye tracker, a polygraph instrument and a facial reader camera. These non-invasive hardware are integrated to collect signals from the brain, eye movements, physiological measurements and facial expressions which are then sent to a server.
NeuroTrend will then analyse the data by its patented neuroscience complex software and algorithms enhanced by artificial intelligence, focusing on the parameters of interest, emotions, attention and memory. A report will then be generated which will advise the media company on how the advertisement, which could be print or video, can be optimised for maximum impact.
Christopher Quek, Managing Partner, TRi5 Ventures, says, “NeuroTrend is our first foray in investing in deep scientific technologies. We are impressed by the level of IP 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 commercializing IPs via Singapore.”
About NeuroTrend Pte Ltd
Neurotrend Pte Ltd is the Singapore-based entity of JSC NeuroTrend (Russia), which holds the IP rights of all neuroscientific technologies for the company outside of the CIS countries.
Since its founding in 2011, JSC NeuroTrend (Russia), has provided over 1000 consumer insight reports to a large number of companies including several international brands. JSC NeuroTrend has over 50 specialists in all areas of neuromarketing including well known professors in neuroscience and senior PhDs etc as part of the team.
NeuroTrend Pte Ltd intends to expand rapidly overseas with a target of over 200 labs in all the major cities within the next four years via partnerships with advertising agencies and media companies.
NeuroTrend will also 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 clients.
About TRi5 Ventures
TRi5 Ventures is a Singapore-based early-stage Venture Capitalist that actively supports and grow startups in commercializing IPs and expanding globally via Singapore.