Proven has brought in more than $21 million in investments. The company previously raised $6 million in seed funding and another $3 million in Regulation A+ funding, per the release.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<\/ul>\nDive Insight:<\/h3>\n
Proven has grown to bring in more than $30 million in revenue, reached break-even and will be profitable by the end of the year, according to the company.<\/p>\n
In just the past year Proven has expanded into the U.K. and Europe, <\/span><\/span><\/span><\/span><\/span><\/span>partnered with beauty retailer Sephora<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>, <\/span><\/span><\/span><\/span><\/span><\/span>been granted two patents<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00a0and launched the DTC Noteworthy scent brand which has revenue of $5 million.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nProven built its business model on its ability to craft unique skin care and fragrance products, which are personalized for its customers. Both Proven and Noteworthy \u2014\u00a0which launched this year \u2014\u00a0rely on AI technology to customize products for individual customers wanting their own signature skin care or scent.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nAI comes into play when potential customers visit the Proven website and take the brand\u2019s three-minute quiz that can determine what products work best for them. An algorithm analyzes millions of factors for customers, including changing seasons, the skin\u2019s tolerance to active ingredients, geographical moves, aging and pregnancy.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nProven was founded in 2017 by Ming Zhao and <\/strong>Amy Yuan, and officially launched two years later after a period of extensive research that to date has drawn from over 4,000 scientific studies and testimonials from more than 20 million people on skin care preferences.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nReferred to as the Skin Genome Project, the company\u2019s research has studied over 100,000 individual beauty products and the effectiveness of 20,238 skin care ingredients.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nProven Skincare offers five products: personalized cleaner, day moisturizer, night cream, day eye cream, and night eye cream.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\u201c<\/span><\/span><\/span><\/span><\/span><\/span><\/span>Since Proven launched in 2019, we have built industry-leading technology that allows us to create personalized beauty products unlike anything ever available to the public, and this new funding allows us to continue our essential work of making personalized skincare and fragrance the standard,\u201d Zhao<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>, who is also Proven\u2019s co-CEO, said in a statement.\u00a0\u201cI\u2019m often asked why personalization is so important, and the truth is, none of us would use a one-size-fits-all-all medicine to cure the body of an ailment. So if we wouldn\u2019t take that approach to the rest of our body, why should we settle for basic beauty products that aren\u2019t personalized to our unique needs?\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n![\"Retail](\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\")
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