Proven Skincare, which appeared on Season 11 of Shark Tank, is a skincare company leveraging Artificial Intelligence (AI) to develop personalized skincare products for its customers.
The company’s primary offering is a three-step skincare routine tailored to the individual’s skincare needs. This routine typically includes a cleanser, a day moisturizer with SPF, and a night cream.
Proven Skincare uses cutting-edge AI to analyze various factors that affect skin health, including genetics, lifestyle, environment, and skin concerns.
The Skin Genome Project gathers this information through an online questionnaire, which allows it to provide personalized skincare recommendations.
The Skin Genome Project has won numerous awards and is considered a significant breakthrough in the skincare industry.
Proven Skincare’s key differentiation is its focus on ingredients that have been scientifically proven.
The company boasts over 27,000 skincare ingredients in its database and uses these to create a personalized blend of active ingredients in each product. The ingredients selected are not only proven to be effective but are also clean, safe, and sustainable.
Proven Skincare is a good choice for those who have tried multiple skincare products without success, as it offers an alternative, personalized approach.
Its technology ensures that customers get skincare products designed specifically for their skin type and condition. This level of customization is in the skincare industry and has the potential to deliver better, more consistent results.
Furthermore, the recommendations’ efficacy can only improve as AI learns and improves. Proven Skincare products are designed to meet the needs of people with various skin types.
|Company Name||Proven Skincare|
|Product||AI-Based Skincare Products|
|Investment Asking For||$500,000 for 5% equity in Proven Skincare|
|Final Deal||No Deal|
|Proven Skincare Episode||Season 11, Episode 21|
|Proven Skincare Business Status||In Business|
|Proven Skincare Website||Visit Website|
|Proven Skincare Net Worth||$20 Million|
What Is Proven Skincare?
Proven Skincare is a personalized skincare company that uses an individual’s data to create customized skincare products. It operates with the belief that there is no “one-size-fits-all” approach to skincare; therefore, individual differences such as skin type, lifestyle, environment, and personal preferences should be considered.
Proven Skincare utilizes its Skin Genome Project, a large database that compiles scientific research on ingredients and their effectiveness to create a personalized skincare routine.
Proven Skincare combines this research with customer data to develop skincare products customized to the individual.
Customers receive a personalized set of products after completing a skin survey, which includes a cleanser, day moisturizer with SPF, and night cream.
These products are designed to address the customer’s specific skin concerns based on their responses to the skin survey.
Who Is The Founder Of Proven Skincare?
Proven Skincare was co-founded by Ming Zhao and Amy Yuan in 2018. Ming Zhao, the company’s CEO, has a fascinating background that significantly contributed to the establishment of Proven Skincare.
Zhao is a former Wall Street private equity investor and Harvard Business School graduate.
Despite her successful career in finance, she struggled with her skin problems and found the available skin care products and regimens were ineffective. This experience led her to explore the skincare industry more deeply.
Zhao’s co-founder, Amy Yuan, is a computational physicist with a strong data science and AI technology background. Yuan’s scientific work includes developing large-scale genomic simulations of how human populations evolve and adapt to their environments.
Proven Skincare came from Zhao’s struggles and the realization that skin is highly personal, yet the skincare industry offered mostly generic solutions.
She teamed up with Yuan, and together, they developed the Skin Genome Project, an AI-driven database that won the 2018 MIT’s Artificial Intelligence Award.
This database is at the core of Proven Skincare’s ability to personalize skincare products for individuals based on their specific needs and factors affecting their skin.
Before appearing on Shark Tank in Season 11, Proven Skincare had already made waves in the skincare industry. Its novel approach to personalized skincare has earned it a strong customer base, and its Skin Genome Project was recognized for its use of AI technology.
The company’s appearance on Shark Tank offered an opportunity to pitch the concept to a wider audience and receive investment from experienced entrepreneurs. The exposure from the show further boosted Proven Skincare’s recognition and credibility in the market.
How Was The Shark Tank Pitch Of Proven Skincare?
Proven Skincare, co-founded by Ming Zhao, made a memorable appearance on Season 11 of Shark Tank. The company is known for its customizable, data-driven skincare solutions powered by an AI-driven proprietary database.
In the show, Zhao pitched her concept to the sharks, seeking an investment of $500,000 for 5% equity in the business, valuing Proven Skincare at $10 million.
During the pitch, Zhao showcased the distinctive features of her company, including the short online test that the company uses to gather data about a customer’s skin and provide personalized skincare recommendations.
This test feeds into Proven’s database, enabling customized skincare regimens for each customer. However, the sharks did not seem particularly impressed with the pitch.
Daymond John was the first to step back, citing that he was unfamiliar with the skincare space and did not understand what the company offered.
Mark Cuban also withdrew after a lengthy discussion, stating that he had been pitched similar concepts before and could not fully grasp the functionality of the Proven AI.
Guest shark Anne Wojcicki felt that the scientific backing for Proven’s data-driven approach was insufficient, leading her to opt-out.
Lori Greiner also stepped back, believing it was too early to invest in the venture.
The final shark left Kevin O’Leary was also not persuaded by the pitch. He expressed his discontent with the company’s valuation and opted out, leading to Proven Skincare not securing a deal on the show.
Despite not getting a deal from the Shark Tank, Proven Skincare has seen considerable success after the show aired. The company witnessed a significant increase in sales, reporting about $3 million in sales across 2019 and 2020.
They have also started offering investment opportunities to their customers, demonstrating a promising trajectory for the business.
Final Deal: No deal between Sharks and Proven Skincare.
Did Proven Skincare Get a Deal on Shark Tank?
Proven Skincare did not secure a deal on Shark Tank. Ming Zhao, the entrepreneur behind Proven, appeared on Season 11 of the show and asked for $500,000 in exchange for 5% equity in her customizable, data-driven skincare business. However, the company’s processes and value proposition convinced no sharks.
Daymond John was the first shark to opt out, as he admitted to not being familiar with the skincare industry and not understanding what Proven did.
Mark Cuban followed suit after a detailed discussion where he tried to comprehend the workings of Proven’s AI system. He also mentioned that he had been pitched to similar companies multiple times recently, leading him to decline the opportunity.
Anne Wojcicki, a guest shark on the episode, expressed skepticism towards the scientific basis of Proven’s approach and decided not to invest.
Lori Greiner also passed on the opportunity, stating that it was too early for her to invest in the company.
Kevin O’Leary, known as Mr. Wonderful, was thoroughly unimpressed with Proven Skincare and its valuation. He did not believe the company justified its asking price and ultimately chose not to make a deal.
Despite not receiving an investment from the sharks, Proven Skincare has experienced success since appearing on Shark Tank.
Research shows that the company saw a significant increase in sales following the episode’s airing, generating approximately $3 million in sales between 2019 and 2020. Proven has also opened up investment opportunities to its customers.
In summary, while Proven Skincare did not secure a deal on Shark Tank, it has managed to thrive and grow its business outside the show.
What Happened To Proven Skincare After Shark Tank?
Despite not securing a deal on Shark Tank, Proven Skincare has flourished after its appearance. The company experienced a substantial boost in sales, tallying approximately $3 million in sales across 2019 and 2020 alone.
This increase can likely be attributed to the significant exposure and credibility of appearing on a popular show like Shark Tank, even if an investment deal was not reached.
Moreover, the company has continued to innovate and evolve. Proven Skincare’s commitment to personalization and data-driven skincare solutions remains at the heart of its business model.
They have continued to leverage their AI-powered proprietary database to provide customized skincare recommendations for each customer based on a comprehensive range of factors that affect skin health.
Following its appearance on Shark Tank, Proven Skincare experienced a significant increase in sales despite not securing a deal with any of the Sharks.
The company generated approximately $3 million in sales across 2019 and 2020, showing a positive response from consumers towards their customizable, data-driven skincare products.
In addition, Proven Skincare has recently opened up investment opportunities to its customers, further expanding its business model and engaging its consumer base.
Therefore, even though the Sharks were not convinced about the company’s valuation and processes, Proven Skincare has grown and thrived in the competitive skincare market after its Shark Tank appearance.
Proven Skincare has shown remarkable resilience and adaptability after its Shark Tank appearance. Despite not securing an investment deal on the show, the company has utilized the platform to amplify its reach, increase sales, and continue its mission of providing personalized skincare solutions.
Proven Skincare Shark Tank Update
After their appearance on Shark Tank in 2019, Proven Skincare experienced a significant boost in their business. Despite not securing a deal with the Sharks, the exposure they gained from the show led to increased sales and customer base.
In 2019, as the founder Ming Zhao projected, Proven made over $3 million in sales. Notably, in 2020, approximately 33% of Proven’s sales were from repeat customers.
This reduction in marketing costs and surge in customer loyalty contributed to an overall increase in the company’s profit.
In 2021, Proven was featured on Going Public, a streaming series that provides companies with business advice, publicity, and connections. This platform also enabled viewers to invest directly in Proven, further fueling the company’s growth.
In 2022, Proven took another major step by opening investment opportunities to the public through its website. This funding strategy helped the company further develop its Skin Genome Project database and focus on delivering the best products for its customers.
Proven continued to gain recognition and accolades, winning Glossy’s 2022 Beauty Award for Best Use of Technology. The company also received a patent for personalized skincare, which helped it protect its product offering from knockoffs.
As of 2023, Proven’s lifetime revenue exceeds $37 million, demonstrating its AI-driven model’s effectiveness and success in the personalized skincare market. The company’s growth trajectory suggests it will continue to expand in 2023 and beyond.
Is Proven Skincare Still In Business?
Our research shows that Proven Skincare is still in business and thriving. After its appearance on Shark Tank in 2018, despite not securing a deal with the sharks, the company experienced a significant surge in its customer base and sales.
Ming Zhao and Amy Yuan, the co-founders of Proven Skincare, have since capitalized on their moment in the spotlight to expand their business and continue developing their AI-powered personalized skincare solutions, offering products such as face oils, serums, and body creams that are tailored specifically to the customer’s skin type.
As of 2023, the company’s annual sales have skyrocketed to more than $37 million, a 3500% increase from the numbers before their appearance on Shark Tank.
The company has also made itself available to the public for direct investment via its website, demonstrating continued growth and business success.
In addition to selling products directly from its website, Proven Skincare has an impressive social media presence with over 130k followers on Instagram and 18k likes on Facebook.
The company’s innovation in utilizing AI for skincare has earned them numerous awards, recognition, and significant attention from the press. Proven Skincare is not only still in business, but it is also thriving and growing year by year.
The founders’ dedication to providing personalized skincare solutions and savvy business strategies have ensured its success in the competitive skincare industry.
What Is the Net Worth Of Proven Skincare?
According to our research, the net worth of Proven Skincare is estimated to be $20 million. The valuation of Proven Skincare was $10 million when it appeared on Shark Tank.
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