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Proven Shark Tank Update

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Proven Skincare is an AI-based personalized skincare line. Proven offers customized skincare products based on the customer’s needs and requirements. The Proven app collects information about an individual through a 3-minute quiz.

Proven is the first company in the beauty sector that has combined big data, artificial intelligence and customization. There are around 45 factors that Proven considers to create a user’s profile and provide them with the products required by them. Proven offers daily sunscreen, night cream and cleanser.

Proven at a Glance:-

IdeaSkin care through the use of Artificial Intelligence
FoundersAmy Yuan and Ming S. Zhao
Asked For$500,000 For 5% equity
Accepted DealNo deal
SharksNo Sharks
Business statusIn Business
Episode No.Season 11, Episode 21
WebsiteProven

Index:

Who are the founders of Proven?

 Amy Yuan and Ming S. Zhao are the founders of Proven. Amy is a Stanford University computing physicist and data scientist, and Ming Zhao graduated from the start up incubator Y Combinator. She came to the US when she was 12 years old and graduated with an MBA in Finance from Harvard University. She worked for Bain Capital and later, launched Proven with Dr Amy and became its CEO.

When Zhao was tired of trying everything to make her skin soft, she decided to collaborate with Dr Amy to make something that suits an individual’s needs. Amy used her scientific knowledge and they created The Skin Genome Project. It is the world’s largest database that uses AI to provide personalized skincare recommendations to its users.

Did Proven get a deal on the Shark Tank?

Ming enters the shark tank in search of an investment of $500,000 at an exchange rate of 5% equity in the business. After that, Ming explained his story and product concept. Ming shared that as of September 2019 they were on track to touch $65,000 per month in sales. They were forecast to touch $ 3 million Mina g shared that she had spent over $90,000 on Facebook advertisements before.

Kevin O’Leary and all the sharks were shocked when they found out that she had $110,000 in sales from a Facebook advertisement. Proven was not able to prove himself and his founding strength in front of the Sharks. Mark Cuban and Lori Greiner felt it was not worth their money and went out. Kevin O’Leary and Robert Herjavec were not happy with the valuation.

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All the sharks went out as each of them thought there was a huge competition in the market and anyone could betray this business. Ming was not able to clip any sharks out of the tank and the pitch got closed.

What happened to Proven after the Shark Tank?

After the Shark Tank show, it seemed on the show that they didn’t get any deal. After the show, when the show aired, they made $3 million in sales. In the years 2019 and 2020, the rate of sales growth is up to 60% or more. Proven holds various repeat customers who are turned into beneficial consumers for the firm.

After the show, the brand gained huge popularity and gained free advertising. During the pitch, they had a valuation of $10,000,000 but by the end of the delivery, all the sharks felt the valuation demanded or asked was not justifiable in reality. A proven pair of 3 products cost between $175 and $185. After the show, in the year 2021, Proven appeared in a series called Going Public, which features a business and raised funds in return.

Proven is available on its website and other offline stores for placing orders. Proven got on the platform of newentrepreneur.com, where people or the audience are allowed to invest in the business. After the show, as of 2022, Proven has had lifetime sales of $37 million.

Competitors of Proven:-

  • Fibroblast
  • Enth
  • Qoper mentor
  • Value
  • Bitwise

What is the net worth of Proven?

The valuation on the pitch was $10,000,000, which was not acceptable and justified through the sales and founders’ words. The estimated net worth during 2020 was $10 million, which has improved and increased more than doubled to $20 million as of 2021.

Is Proven still in business?

Proven is still in business and doing great in the market. Proven has been published on various platforms.  Proven has a total sales of $37 million to date. Bizz Bucket wishes them great success ahead.

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FAQs:

What is Proven?

Proven Skincare is an AI-based personalized skincare line. Proven offers customized skincare products based on the customer’s needs and requirements. The Proven app collects information about an individual through a 3-minute quiz.

Who founded Proven?

 Amy Yuan and Ming S. Zhao are the founders of Proven. Amy is a Stanford University computing physicist and data scientist, and Ming Zhao graduated from the start up incubator Y Combinator. She came to the US when she was 12 years old and graduated with an MBA in Finance from Harvard University. She worked for Bain Capital and later, launched Proven with Dr Amy and became its CEO.

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