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Ulta Beauty Invests in AI Retail Tech Business Adeptmind

October 27, 2021 BeautyMatter
October 27, 2021
Adeptmind

Ulta Beauty has made another technology investment, in artificial intelligence company Adeptmind.

WHO: Adeptmind is an intuitive platform that helps online retailers bridge the gap between online and offline conversion rates. Adeptmind uses artificial intelligence (AI) and machine learning to understand and anticipate the product the shopper wants and quickly and accurately connects them to it, to make shopping on a retailer's site feel more like a satisfying in-store experience. Founded in 2016 and based in Toronto, Adeptmind was founded by G Wu and Jing He.

Ulta Beauty is the largest US beauty retailer and the premier beauty destination for cosmetics, fragrance, skincare products, haircare products, and salon services. In 1990, the company reinvented the beauty retail experience by offering a new way to shop for beauty—bringing together all things beauty, all in one place. Today, Ulta Beauty operates 1,290 retail stores across 50 states and also distributes its products through its website.

WHY: Ulta intends to use Adeptmind's technology to create a personalized search engine for a new retail concept it is calling the "digital store of the future," Prama Bhatt, Ulta's Chief Digital Officer, said during the company's investor day.

IN THEIR OWN WORDS: "The new digital store is where we seamlessly merge content with commerce to help guests find what they are looking for, and introduce them to products and services they didn't know they need," Bhatt said. "We will have an unmatched source of personalized beauty information and use each opportunity to anticipate their beauty needs. It will make shopping and exploring for beauty online even more fun and functional, and with our new design system, we can create culturally relevant and inspiring content and experiences at the speed of beauty."

DETAILS:

  • Ulta Beauty acquired Adeptmind. The terms of the transaction were not released.
  • Since its launch in 2017, Adeptmind's technology has been adopted by more than 400 retailers and property owners.
  • In June 2021, Adeptmind closed $6.2 million in Series A funding and $4.5 million in seed investment in 2019.
  • In 2018, Ulta made its first technology acquisitions in artificial intelligence and augmented reality start-ups QM Scientific and GlamSt, then meant to support personalization efforts.
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