NewH2, the innovation arm of Health & Happiness Group Ltd, is taking a minority stake in Proven Skincare and its AI technology that gives consumers a holistic picture of their skin health and identifies active ingredients that will work to achieve their personal goals in a personalized way.
WHO: Proven Skincare was founded by Ming Zhao and Amy Yuan, who combined their expertise to solve the challenge of finding the right skincare for individuals. Together they created the world’s most comprehensive AI-powered database of clinically effective ingredients through their Skin Genome Project, which uses computer science to analyze the effectiveness of over 20,238 ingredients, 100,000 products, 20 million consumer data points, and thousands of scientific articles on skin.
Proven creates personalized skincare products that are based on more than 37 factors about an individual’s skin, genetic background, lifestyle, and environment, down to the level of pollution in a consumer’s local environment and the hardness of the water in their municipality. The formulations are developed by leading Stanford dermatologists and chemists.
NewH2 was founded in 2018 with initial funding of US$60MM as a corporate venture by H&H Group to support entrepreneurs who are using advances in technology and science to develop innovative advanced nutrition solutions. NewH2 invests in early- and growth-stage entrepreneurial businesses that are developing innovative brands, products, technologies, or business models in the fields of health and wellness aligning with H&H’s ambition to become a global leader in premium family nutrition and wellness. The fund provides the overall H&H Group with a complementary alternative to R&D and M&A, by expanding the Group’s innovation opportunities and allowing it to keep abreast of new, potentially disruptive products, science, trends, and technologies.
H&H Group, founded in 1999 with a vision of contributing to healthier and better lives, has a proven track record in growing entrepreneurial and disruptive brands into powerful and more global offerings. Building its success on “premium, proven and aspirational” products, it has brought together six brands to date, all created by entrepreneurs with the same vision of providing infants or adults with health and wellness: Biostime, Swisse Wellness, Healthy Times, Dodie, Good Goût, and most recently, Aurelia Probiotic Skincare. It operates across 90 locations and has over 2,000 employees worldwide.
IN THEIR OWN WORDS: Ming Zhao, co-founder and CEO of Proven Skincare, announced the strategic collaboration, revealing the potential benefits and the next steps for the partnership. “We are delighted to work towards this partnership with NewH2. Our discussions to date have identified a strong alignment for the potential growth and future use of our products and technology. And we are encouraged by the passion that both companies share for wellness and for creating technology-enabled consumer-centric solutions.”
Proven is combining the best of technology and skincare solutions to create an elegant, affordable, and effective product. “Our investment in Proven Skincare is a unique opportunity in intelligent personalized skincare. We believe this partnership will create growth opportunities for Proven and present exciting opportunities for both companies,” said Laetitia Garnier, Chief Executive Officer of the H&H Group.
“We are looking forward to working with Proven and growing the personalization of skincare. Their team is very impressive, made up of world-class scientists and engineers committed not only to bringing personalization to skincare but to ensuring their research and technology delivers the best possible results to consumers. We believe Proven’s expertise in big data and AI can create a real technology differentiator, to help the company establish a solid presence in the emerging personalized skincare sector,” said Mrs. Garnier.
- NewH2, the innovation arm of Health & Happiness Group Ltd, made a minority investment in Proven Skincare and its AI technology.
- Proven was part of Y Combinator in Winter 2018.
Photo: via Proven Skincare