Boosted Beauty: Proven Raises $12.2 Million for AI-Powered Personalized Care
Investment of $12.2 million in custom skincare company Proven
Hey there! Let's talk about Proven, the innovative beauty brand that's shaking things up in the industry. They recently secured a whopping $12.2 million in Series A funding, led by NewH2 Ventures, with additional backing from existing investors.
What's Proven going to do with all this cash? According to a press release, they're planning to grow their two brands - Proven Skincare and Noteworthy - and beef up their team. Sounds exciting, right?
As for their financials, Proven has already brought in over $21 million in investments. They previously raised $6 million in seed funding and an extra $3 million in Regulation A+ funding, if you're keeping track.
Now, let's dive into the juicy details. Proven has been on a roll, reaching over $30 million in revenue and aiming for profitability by year-end. Last year alone, they expanded into the UK and Europe, partnered with beauty retailer Sephora, received two patents, and launched the direct-to-consumer (DTC) Noteworthy scent brand, which has already raked in $5 million.
Proven's secret sauce? AI-powered personalization! They use AI technology to create unique skincare and fragrance products tailored to each customer. When you visit their website, you take a quick, three-minute quiz that helps determine the perfect products for you. The algorithm takes millions of factors into account, including changing seasons, skin tolerance, geographical moves, aging, and pregnancy.
Proven was founded by Ming Zhao and Amy Yuan in 2017, officially launching two years later after extensive research. Their research, known as the Skin Genome Project, has poured over 4,000 scientific studies and testimonials from more than 20 million people on skin care preferences. To date, they've analyzed over 100,000 individual beauty products and the effectiveness of 20,238 skin care ingredients.
So, why is personalization so important? Well, just like we wouldn't take a one-size-fits-all medicine to cure a bodily ailment, we shouldn't settle for basic beauty products that aren't personalized to our unique needs. As co-CEO Ming Zhao puts it, "Proven has built industry-leading technology that allows us to create personalized beauty products unlike anything ever available to the public... Personalization is essential to making personalized skincare and fragrance the standard."
Sources:- Retail Dive (2021, November 2). Proven raises $12.2M in Series A funding to expand its personalized beauty brands [Press Release]. https://www.retaildive.com/news/proven-raises-12-2m-in-series-a-funding-to-expand-its-personalized-beauty-brands/- Function of Beauty (n.d.). FAQs. https://functionofbeauty.com/pages/faqs- Clinisept+ Skin Analytics (n.d.). Home. https://cliniseptplus.com/skin-analytics
- Proven, the AI-powered beauty brand, recently secured $12.2 million in Series A funding, with NewH2 Ventures leading the round and existing investors contributing as well.
- The funds will be used to grow Proven's skincare and scent brands, Proven Skincare and Noteworthy, and expand their team.
- Approaching profitability by year-end, Proven has already amassed over $21 million in investments and has already grown to $30 million in revenue.
- Proven's unique selling point is its AI technology, which creates personalized skincare and fragrance products based on a quick three-minute quiz that considers factors such as changing seasons, skin tolerance, geographical moves, aging, and pregnancy.
- Co-founded by Ming Zhao and Amy Yuan in 2017, Proven has conducted extensive research on skincare preferences, known as the Skin Genome Project, involving over 4,000 scientific studies and testimonials from more than 20 million people.
- The AI technology has analyzed over 100,000 individual beauty products and the effectiveness of 20,238 skin care ingredients.
- In the realm of fashion-and-beauty and beyond, personalized products are becoming increasingly important, as we wouldn't settle for one-size-fits-all treatments in medicine or technology, and the same should apply to beauty products.
