Montréal-based artificial intelligence (AI) beauty lab Omy has raised $11 million CAD to expand its personalized skin care products across North America.
Crédit Mutuel Equity led the Series A round, which closed in December 2022, with participation from Fondaction, BDC Capital’s Thrive Venture Fund, and Accelia Capital.
Omy said the company plans to hire 23 people this year.
Founded by CEO Andrea Gomez and chemist Rachelle Séguin, Omy combines cosmetic chemistry and AI to offer personalization of its line of skincare products, which are entirely made from vegan ingredients.
In collaboration with dermatologists, Omy has developed an AI-powered virtual skin consultant, which is able to conduct consultations with users to find the best ingredients for their skin care products. Some of the factors considered in this analysis are people’s skin type, textures, skin concerns, and fragrance preference. From this data, the AI platform can provide a comprehensive analysis of the user’s complexion with recommended products from Omy.
Omy’s AI tool is one of several consultation methods the startup offers. Users also have the options of taking an online quiz and booking a phone or video consultation with one of Omy’s skincare experts.
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The market for customized beauty products has seen a significant growth in demand during the COVID-19 pandemic as more people become more attached to products that are personalized for their needs. Driven by increasing product options in the market, the global personalized beauty industry is expected to be valued at $143.6 billion by 2030.
Omy’s products are currently sold at select beauty salons across Québec and New Brunswick. According to Omy, the funding will allow the company to expand its current headcount of about 40 people and acquire new production equipment to “roll out its product line in North American markets.”
A spokesperson for Omy told BetaKit that the company plans to hire 23 people this year, with 13 people already hired across various roles.
Omy has raised over $13 million in total funding to date, which includes $2 million in grants and subsidy funding, as well as raising $50,000 in equity financing in 2019.
Featured image courtesy Omy Lab.
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