Blending skincare, AI, and tech: Skin Inc charts path to US growth and a Nasdaq IPO

Skin Inc is among a troupe of Singapore-based companies that are seeing their growth surge as they tap into consumer demand from the world’s largest economy – the US.

Backed by Mistletoe, the investment fund run by Taizo Son, the firm is best known for its personalized skincare products that range from serums and masks to handheld “skintech” devices.

Photo credit: Skin Inc

But CEO Sabrina Tan has a vision that extends beyond skincare. “We’re building the next wellness company – not just skin, but your overall well-being,” she tells Tech in Asia.

To fund that goal, the firm is gunning for an initial public offering on the Nasdaq by the first half of 2024.

The listed entity will be made up of two subsidiaries – Skin Inc and its less-known sister company, Delaware-based +Sabi AI Corp, a data and AI firm. It is eyeing a post-listing valuation of between US$150 million and US$400 million that includes potential M&As.

A ‘Fitbit for your skin’

Skin Inc has amassed data on over 1.5 million profiles and face scans globally since its founding in 2008. About 65% of its customers are women aged between 24 and 44 who enjoy a “somewhat balanced” diet but aren’t getting as much sleep as they should and are regularly stressed, Tan shares.

Seeing an opportunity to harness this data, the firm dove into AI about three years ago, culminating in the formation of +Sabi AI in 2020. The effort entailed a seven-figure sum, a portion of which was supported by an Enterprise Development Grant from Enterprise Singapore, a government agency that works with companies to innovate and internationalize.

But Tan says her vision was also guided by Mistletoe’s Son – the younger brother of SoftBank CEO Masayoshi Son – as well as by Atsushi Taira, Mistletoe’s managing director. The firm, together with other investors, poured US$7 million into Skin Inc in 2021.

Today, +Sabi AI, fronted by former Sephora executive William Gaultier as chief commercial officer, populates data from facial scans as well as other fitness and location-based information gleaned from a user’s smartphone.

A hydrosensor affixed to the Tri-Light, an IoT device that performs LED facials, also measures the level of hydration in one’s skin.

We’re using AI to determine your skin [health] and customize it for you.

These types of data – including how long an individual is sleeping, how puffy their skin looks, and how much they’re exposed to ultraviolet rays – paint a picture of a person’s general health. Personalized recommendations, which range from sleep supplements to pregnancy pillows, are then shared with users through the +Sabi AI mobile app.

This data also informs everything from how much inventory +Sabi AI stocks to which products the company develops next. The firm’s Tri-Light devices have enabled over 15 million home facials, according to the company.

Online sales grew 400% during the pandemic

Banking on the world’s “biggest beauty market”

Road to IPO