NeuroTrend analyses consumers insights based on the four parameters — attention, interest, memory retention and emotional involvement
NeuroTrend, a Singapore -headquartered startup that uses neuroscience technology to analyse consumer choice and perception, has secured US$1.5 million in seed funding led by local VC firm TRIVE Ventures, with participation from angel investors Lim How Teck and Lim Ho Kee.
The deeptech startup will establish an R&D 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.
Traditional market research survey methods engage on the conscious state, which can provide only up to 10 per cent of the consumers insights. Neuromarketing, on the other hand, can deliver up to 90 per cent as it focuses on the unconscious and physiological reaction. With the combination of both, NeuroTrend claims it is able to analyse 100 per cent of consumers insights based on the four parameters — attention, interest, memory retention and emotional involvement.
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As per a press note, NeuroTrend is also able to analyse and generate a report within seven days. Focus group respondents are analysed 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.
Founded in 2017, Neurotrend 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 has provided over 1,000 consumer insight reports to a large number of companies.
Victor Levin, Executive Chairman, NeuroTrend, said: “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.”
According to a recent study released by MAGNA, IPG Media brands’ research arm, global advertising spends in 2016 was US$493 billion, and US$44.5 billion was spent on market research and the Asia-Pacific region is forecast to see a growth rate of 5.4 per cent. Advertising agencies and broadcast media companies are now turning to data analytics to further deepen their engagement and effectiveness of advertisements.