AI-Driven PROVEN Skincare Announces Launch of $60 Million Regulation A+ Offering
- PROVEN is led by CEO Ming Zhao, winner of 2020 “Female Entrepreneur of the Year” and Harvard MBA, and co-founder Dr. Amy Yuan, an award-winning computational physicist from Stanford University.
- PROVEN reached a +$24 million revenue run rate in less than 2 years within the North American market, with 80% of customers on a subscription-based sales model.
- PROVEN built the MIT AI Award-winning Skin Genome Project, the world’s largest beauty database containing 28 million consumer reviews & testimonials, and 4,000 research papers which forms the foundation of their personalization.
- PROVEN will build upon its success in North America to enter international markets including China, Europe, and South America as well as expand to new product and categories.
SAN FRANCISCO & MIAMI–(BUSINESS WIRE)–PROVEN Skincare (“PROVEN” or the “Company”), an AI-powered, technology first consumer company that formulates and markets personalized skincare products, announced today the launch of 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.
“Our mission at PROVEN is to use data, technology and personalization to solve the skincare problem once and for all. The global skincare market is a $155 billion market, and yet one in two consumers are unsatisfied with the products they purchase – at PROVEN we are changing that by giving individual consumers the right products for their skin at the right time,” said PROVEN co-founder and CEO Ming S. Zhao. “Through this Regulation A+ offering, we are providing our community with the opportunity to become a part of the PROVEN growth story as we change skincare from its one-size-fits-all generic status quo to empathetic individuality. Since launching 2 years ago, we have seen tremendous growth and customer demand of our initial product line. 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.”
About the Founders
A female, and minority-founded skincare startup, PROVEN is the first company to combine AI and big data to personalize skincare products. PROVEN and its award-winning technology were built by inhouse by Ming Zhao and Dr. Amy Yuan.
Prior to founding Proven, Zhao was the head of Partnerships at NerdWallet, a private equity investor at Bain Capital and a strategy consultant with the Boston Consulting Group. She holds an MBA degree from Harvard Business School and is certified in cosmetic formulation. Dr. Yuan is a data scientist and an engineer with a background in math, physics and high-performance computing with a Postdoctorate Chemical Engineering degree from Stanford and a PhD in Computational Physics from USC. Dr. Yuan led data science teams at Lyra Health and McKesson, where she focused on developing data products to enable better care for people using AI. In her time as a PhD student, Amy conducted one of the biggest scientific simulations in the world in 2009 and has eight publications in the world’s top peer-reviewed physics journals.
“We believe in empowering women across the spectrum,” Zhao said. “Less than 30 female CEOs have ever taken a company public, so this investment opportunity marks a chance for women to make smart investment decisions, by women for women. With this offering we’re excited to make that vision a reality and share our success with those who believe in what we’re doing.”
About the PROVEN Technology
Working with a team of leading dermatologists and scientists, Dr. Yuan and Zhao created The Skin Genome Project™ — the largest beauty database on earth that leverages the power of machine learning to make personalized skincare recommendations based on an analysis of over 25 million consumer reviews and 4,000 skin-related research papers. Everything useful on the web — from consumer product reviews to Reddit comments — feeds PROVEN’s algorithm, where it delivers improved offers with every piece of new data.
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.
PROVEN has been featured on several global news outlets, including ABC’s hit reality show ‘Shark Tank,’ the Today Show, People magazine, the Wall Street Journal, Allure magazine, Fox Business, CNBC, Refinery29 and Forbes, which dubbed PROVEN as “the Tesla of skincare”.
About the Regulation A+ Offering
Under its Regulation A+ offering, PROVEN plans to raise up to $60 million from the sale of units priced at $6.60 each. The minimum investment has been set at $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. The funds will be used to invest in further AI innovation and talent, to expand domestic and global marketing efforts for its existing products, and to invest in further research and development of new product lines and categories.
“Our consumers and community built this company. So we want those same consumers and community to be able to benefit from the value they’ve created in PROVEN. Within 2 years of launch, PROVEN has already become one of the fastest growing consumer brands, and the leading personalized skincare provider. So this is a most opportune time to become an owner in PROVEN to be a part of our continued growth,” Zhao said. “In our first full year in market in 2020, we already reached almost $10 million in revenue, and that has continued to grow, now reaching a run rate of over $24 million. And 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. So imagine what we can achieve as we scale into all of that. Additionally, following our success from appearing on TV show Shark Tank, PROVEN will be featured on a new original TV series called Going Public, where we hope to tell more people about the story of PROVEN and help them understand how monumental what we’re doing is.”
Securities are offered pursuant to Regulation A+ by Dalmore Group, LLC, an SEC-registered broker-dealer, member of FINRA (www.finra.org) and SPIC (www.spic.org). Investors are encouraged to read the Offering Circular and exhibits prior to investing and consult with their financial, tax, or legal professional prior to investing.
To learn more or to express interest in investing, please visit: https://invest.provenskincare.com/.
PROVEN is a technology company that harnesses the power of big data and AI to create personalized skincare products. At PROVEN we are building a global self-care movement based on technology and personalization. Through our proprietary Skin Genome Project™ (algorithm) — the largest beauty database on earth — we’ve analyzed over 28 million consumer testimonials and 4,000 skin-related scientific papers to create simple, personalized and clinically-proven skincare products. Leveraging this extensive database and corresponding AI technology-moat, PROVEN aims to build upon its success in North America to enter new international markets including China, Europe, and South America and expand to new product types and categories, including supplements, baby care, and body care. PROVEN is a Y-Combinator alum and 2018 MIT AI Technology of the Year Award recipient. Learn more at www.provenskincare.com.
This news release may contain forward-looking statements. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: the investment received from the Regulation A+ offering; our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
AN OFFERING STATEMENT REGARDING THIS OFFERING HAS BEEN FILED WITH THE SEC. THE SEC HAS QUALIFIED THAT OFFERING STATEMENT, WHICH ONLY MEANS THAT THE COMPANY MAY MAKE SALES OF THE SECURITIES DESCRIBED BY THE OFFERING STATEMENT. IT DOES NOT MEAN THAT THE SEC HAS APPROVED, PASSED UPON THE MERITS OR PASSED UPON THE ACCURACY OR COMPLETENESS OF THE INFORMATION IN THE OFFERING STATEMENT. THE OFFERING CIRCULAR THAT IS PART OF THAT OFFERING STATEMENT IS AT: https://www.sec.gov/Archives/edgar/data/1777318/000121390021040750/ea145276-253g2_lifespecta.htm YOU SHOULD READ THE OFFERING CIRCULAR BEFORE MAKING ANY INVESTMENT.
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