FemTec Health sold off beauty tech start-up Mira AI (formerly named Mira Beauty) to Longmont Acquisition Corporation after purchasing it in November 2021 for $28 million.
WHO: Founded by Stanford graduates Jay Hack and Brandon Garcia, Mira reaches millions of beauty shoppers weekly; counts over 100,000 products from more than 3,000 brands; and translates over 10 million product pages, authentic reviews, photos, and videos into one clear, simple, and personalized shopping experience that is retailer agnostic and transparent. Using modern machine-learning techniques, Mira provides a personalized and prescriptive end-to-end beauty browsing experience democratizing the world of beauty by translating millions of product reviews into digestible product synopses. Users can find out what consumers really think, do side-by-side comparisons, and click through to purchase their favorite products for the best price. At any time, users can ask for advice and get product recommendations from users with similar skin types, skin tones, and aesthetic preferences.
Founded in May 2020 by Dr. Kimon Angelides and publicly launched in October 2021, FemTec Health is the leading health and beauty sciences company focused on women's health. FemTec Health's mission is to revolutionize women's healthcare by using state-of-the-art genomics, predictive intelligence, and digital technologies to create a unified, coordinated experience and provide personalized services and products that are meaningful and effective for women.
WHY: FemTec Health raised $38 million in funding at a valuation of $380 million from investors that include Longmont Capital, Hellas Med, Walgreens, Trinity, Unilever, and the Estée Lauder Companies. Early this year, as part of its strategic tightening around core healthcare businesses, FemTec Health engaged a national financial consulting firm to advise and explore possibilities for the sale of some of its non-core and underperforming assets.
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