Big data in personalized skincare: Proven CEO talks AI Skin Genome Project and US$60M offering
13 Oct 2021 --- AI-powered Proven Skincare is bringing personalization to the beauty segment by using data to create tailored products. The company recently launched a US$60 million Regulation A+ equity funding campaign to accelerate growth for its AI technology, called the Skin Genome Project.
“The care of almost every organ in our body is personalized to the patient, yet the care of our skin, our body’s largest organ, has lagged behind in arriving at personalization,” Proven CEO, Ming Zhao, tells PersonalCareInsights.
“Proven seeks to usher in a new era for the care of the skin,” she notes. “From healthcare to entertainment, people are no longer satisfied with plurality, but are looking for individuality.”
Zhao says the global skincare market is valued at US$155 billion, yet 1-2 consumers are unsatisfied with the products they purchase.
According to Zhao, the global skincare market is valued at US$155 billion, and yet one in two consumers are unsatisfied with the products they purchase.
Skin Genome Project
Zhao says Proven is using AI to rapidly analyze 47 different factors about an individual’s skin type, concerns, lifestyle and environment and formulate products for their unique skin.
“We created the Skin Genome Project in order to personalize skincare and beauty products for consumers. Our AI technology uses the wisdom of 4,000 scientific papers and 28 million consumer reviews and testimonials to help determine what works for each unique individual.”
Working with a team of dermatologists and scientists, Zhao created The Skin Genome Project, which is touted as the largest beauty database that leverages the power of machine learning to make personalized skincare recommendations.
Utilizing a short, three-minute quiz, Proven creates an individual profile based upon more than 45 categories, including skincare goals, geography, genetics, lifestyle, and more.
Customers receive customized guidance for choosing products and care routines that are tailored to their unique needs.
Big data energy
The technology is also using everything useful on the web, from consumer product reviews to Reddit comments, and feeds Proven’s algorithm, where it delivers improved offers with every piece of new data.
Proven is using AI to rapidly analyze 47 different factors about an individual’s skin type, concerns, lifestyle and environment.The wonderful thing about AI is that it is constantly getting smarter, says Zhao. The Skin Genome Project continues to learn from user reviews to help us formulate new Proven products.
“Building a knowledge base of evidence as comprehensive as ours is nearly impossible without AI. It would take humans dozens of years to read through and make connections among the data points we’ve connected. AI has improved almost every other element of our lives and it’s about time that it also improves our skincare.”
Zhao explains that in the field of medicine, personalization has been the norm for decades already.
“Skincare should be treated the same as other healthcare needs. There are only generic skincare products available and this is exactly the gap that Proven is filling with our proprietary Skin Genome Project and the rapid growth of our customer base validates this fact.”
Seeking funding
Proven recently launched its Regulation A+ equity funding campaign following the qualification of its Form 1-A Offering Circular by the US Securities and Exchange Commission (SEC). The offering is open to both accredited and non-accredited investors for a limited time.
“This Regulation A+ offering will enable us to further innovate our proprietary AI technology and scale our success across new product types, categories, channels and markets. Our goal is to build a global wellness movement based on technology and personalization.”
Under its Regulation A+ offering, Proven plans to raise up to US$60 million from the sale of units priced at US$6.60 each.
The minimum investment has been set at US$990 (150 units) to allow investors of all wealth levels and backgrounds the opportunity to join PROVEN and share ownership in this AI-powered, personalized skincare company.
“In our first full year in the market in 2020, we already reached almost US$10 million in revenue, and that has continued to grow, now reaching a run rate of over US$24 million,” notes Zhao.
“This was achieved with just one market, one set of core products, one channel and one category. We’re expanding across markets, into more products, into other channels and across categories,” she concludes.
By Kristiana Lalou
