Montréal-based AI beauty lab, Omy, has successfully secured $11 million CAD in funding to further expand its personalized skincare products across North America. The Series A funding round, which concluded in December 2022, was led by Crédit Mutuel Equity, with participation from Fondaction, BDC Capital's Thrive Venture Fund, and Accelia Capital.
Omy, co-founded by CEO Andrea Gomez and chemist Rachelle Séguin, combines the realms of cosmetic chemistry and artificial intelligence to provide customization for its range of skincare products, all of which are crafted from vegan ingredients.
Through collaboration with dermatologists, Omy has developed an AI-driven virtual skin consultant. This consultant conducts personalized consultations with users, identifying the optimal ingredients for their skincare regimens. The AI takes into account factors such as skin type, texture, concerns, and fragrance preferences. With this information, the AI platform generates a comprehensive analysis of the user's skin condition along with recommended Omy products.
While Omy offers an AI tool for consultations, the startup also provides other consultation methods, including an online quiz and the option to schedule a phone or video consultation with one of Omy's skincare experts.
The demand for customized beauty products has seen remarkable growth during the COVID-19 pandemic, as individuals increasingly seek products tailored to their specific needs. Fueled by this trend and the expanding range of product choices, the global personalized beauty industry is anticipated to reach a valuation of $143.6 billion by 2030.
Currently, Omy's products are available in select beauty salons in Québec and New Brunswick. The newly acquired funding will enable the company to expand its workforce—currently around 40 employees—and invest in new production equipment to launch its product line in North American markets.
A company representative stated that Omy plans to hire an additional 23 employees in the current year, with 13 positions having already been filled across various roles.
To date, Omy has raised over $13 million in total funding, which encompasses $2 million in grants and subsidy funding, along with $50,000 in equity financing raised in 2019.