Source: aithority.com
IL MAKIAGE, the digital-first prestige beauty brand, is deepening its investment in technology and data with announcement that it has acquired NeoWize. NeoWize is a Y Combinator-backed data science startup that develops advanced active machine learning algorithms. The powerful combination of IL MAKIAGE and NeoWize allows for further innovation within the beauty industry, bringing together complementary capabilities in AI, data science and algorithmic thinking, for next-generation and enhanced optimization of e-commerce experiences. The founders of NeoWize, mathematicians and deep learning algorithm specialists, will join IL MAKIAGE’s technology team to build the leading tech and data science team in the industry.
The acquisition follows IL MAKIAGE’s successful releases of their PowerMatch AI Algorithm and Kenzza, their new e-commerce platform and business model, which utilizes influencer content to link inspiration, education, trial and purchase experiences within a singular site. Through these tools, IL MAKIAGE amassed a substantial amount of industry data which the NeoWize team will leverage to bolster IL MAKIAGE’s tireless improvement of its AI, machine learning and tech capabilities. This will enable IL MAKIAGE to deliver unparalleled value to IL MAKIAGE’s customers.
NeoWize’s two founders are joining IL MAKIAGE. Omer Nevo will become Vice President of R&D and Yoav Cafri will become Chief Data Scientist. Nevo and Cafri both came from elite intelligence units in the Israel Defense Forces (IDF) and will bring their extensive experience to the larger IL MAKIAGE team. Nevo is a machine learning and big data expert, who developed his expertise over 12 years at the elite Unit 8200 in the IDF. Cafri served in the Center for Encryption and Information Security in the IDF, as well as the units that manage data processing for the Defense Forces and the protection of military data. Before founding NeoWize, Cafri used his vast experience to run information technology for a large American retailer. Prior to that, he founded a startup that was acquired by Yandex.
“IL MAKIAGE is laser-focused on staying at the forefront of the intersection of beauty, technology and data science. We’re very excited to welcome NeoWize and their incredible AI-driven and data science backed solutions that will bolster our position as one of the leading tech and data science companies in the industry, allowing us to provide unparalleled customer experiences,” says Oran Holtzman, CEO of IL MAKIAGE. “Today’s acquisition marks a substantial milestone for our technology team.”
“We founded NeoWize to innovate at the cutting edge of AI, technology and e-commerce,” says NeoWize co-founder Omer Nevo. “We are excited to join the leading next generation digitally native beauty brand that shares the same tech-first approach. IL MAKIAGE modernizes the way beauty consumers shop and we can’t wait to continue developing exceptional AI tools and creating the most advanced and exciting online user experiences.”
The NeoWize team will relocate to IL MAKIAGE’s offices, and all employees will remain with the company. NeoWize will continue to serve its current customers and add new customers, independent of its relationship with IL MAKIAGE.