Alumni of UC San Diego - Bioengineering (Undergraduate)
Alumni of UC San Diego (Graduate)
Alumni of UC San Diego (Professional)
Corporate Profile Skinalytics is a visionary developer of direct to consumer Health Safety IT products focused on the skin care space. We are developing a proprietary process for personalizing the selection of skin care products based on a person’s skin type, prior skin reactions, and demographics (and genome and skin microbiome) using a machine learning algorithm that will be incorporated in an app for a palm-of-your-hand tool. The company is developing products to enhance the skin care product shopping experience in a market where there are few current competitors and substantial potential for market growth. The Problem Shopping for skin care products is a chore that most people do not want to spend a lot of time doing, yet a growing segment of consumers are conscientious about choosing skin care products that are of high quality, healthy, and safe. For people who have experienced a skin sensitivity, this chore becomes a higher priority and made difficult by having to read through lists of product ingredients to find products that will not irritate their skin. Through primary research, we found that most people don’t know of or use a tool to help them choose products. They have and are concerned by their skin sensitivities but they do not know how to link their skin sensitivity to the right product. This disconnect between how people select their products (word of mouth) and wanting to also know the ingredients of those products work for their skin led to the development of scIQ. The Skinalytics Solution The Skinalytics app, scIQ, makes selection of skin care products smarter and easier. It provides users a tool in the palm of their hand that could quickly and easily search through skin care ingredients to find only the products that would work for the user. User skin and demographic data and browsing activity will be logged and a cost comparison tool will be provided. Using a machine learning algorithm, the app will learn from the user-specific data what products work or don’t work for users of certain skin types, geographies, and demographics [and genetics]. Market Opportunity Our product is targeting the health-conscious, app-saavy female who is mindful of the ingredients she does or does not want in her products. It would service about 101M females in the U.S. or 2.5B females worldwide. As a beauty app, it falls in a market segment that is currently $350M and expected to grow at 15% annually. With the collection of big data in this segment there is an additional market potential of $2.2B. The Competition Relative to other beauty apps (Skin Safe, Beautapedia, Healthy Living), scIQ has the advantage of being a “living” database that is updated with information from our users and scanning partners and combined features of a large product and ingredients database, barcode scanning, and machine learning technology. Business Model Revenue will be generated through a freemium model where the app will be offered for free with advertising or for a nominal fee without advertising. Revenue will be generated through advertising, click-thru purchasing, and preferred search as well as the sale of skin property and skin care purchasing data. Should scIQ have significant user traction, Skinalytics would like to partner (with companies such as 23andMe, Galderma, or L’Oreal) to add skin genetic and microbiome data. We are seeking an investment of $650,000 for development of the app, a marketing campaign, and business development. With several key assumptions, we expect revenues of over $13M over 5 years for a 20X return. The Team The co-founders are a pair of Ph.D, M.B.A.s with backgrounds in biochemistry, bioengineering, and business development. Key team members include five computer science engineers and a bioinformaticist. We are currently advised by an executive in the omics space, Mr. David Bullis, M.B.A., and a dermatologist, Dr. Nicholas Snavely, M.D.
Primary Industry Sector: Software and Services
This is a a woman-founded Startup
Funding Status: Preseed