Coty has revealed the winners of its AI-focused digital accelerator program, according to a report published by The Drum. The US beauty behemoth put up a pot of US$100,000 for the best solutions in the field of Artificial Intelligence. Start-ups were invited to pitch at Coty’s Digital Accelerator Summit in March.
Some 23 businesses took part in the pitch over the two days. Nudest was declared overall winner thanks to its bespoke skin tone matching technology. The start-up has developed an algorithm that accounts for skin undertones as well as an individual’s tanning ability to determine its shade.
Other finalists included Skingenie, which personalizes products based on a client’s DNA, and Glamtech, a real-time skin analysis tool.
“Creating real-world solutions to address unmet consumer needs is a key approach of how we are driving business growth and Coty’s leadership in the industry,” said Jason Forbes, Coty’s Chief Digital and Media Officer. “Services are the new products, and one-on-one personalization powered by artificial intelligence is and will continue to be a core driver of better experiences for consumers.”
Fred Gerantabee, Coty’s vice-president of digital innovation, added, “There are so many great emerging companies that are honing in on one or two major needs, and finding very focused solutions in AI, skin analysis, color and DNA-based personalization, to name a few.
“As a consumer-focused organization, addressing unmet needs is not just about starting from scratch but bringing these solutions to market quickly and beautifully; that requires seeking those in the market who are doing it better than anyone else and creating a strong working partnership that can scale and grow.”