Oddity Tech, an Israeli consumer tech platform for the beauty and wellness market, is going public this week in a deal that appears to be gaining traction.
Proceeds will be used for working capital and for developing new brands and other general corporate purposes. The company has applied to list on Nasdaq, under the ticker ODD. Il Makiage was also the fastest-growing digital, direct-to-consumer beauty brand in the U.S. through 2021, says the IPO prospectus, citing data from Digital Commerce 360, which is its most recent available.
“Oddity has both impressive growth and margins thanks to youth-oriented marketing,” said Bill Smith, Renaissance co-founder and chief executive in commentary. “We take enormous pride in our tech team. We recruit from the most attractive pockets of talent in the world, and our tech team receives focus from the highest levels of leadership in our organization,” says the prospectus.
“By applying unique, physics-based AI technology to recover and interpret this hyperspectral information, we can analyze skin and hair features, detect facial blood flows, monitor heart-rate, and create melanin and hemoglobin maps,” it says.