Oddity acquires AI-powered biotech start-up for 76 million dollars

Beauty consumer tech platform Oddity has announced the acquisition of biotechnology start-up Revela for a staggering 76 million dollars.

Founded in 2021, the young firm is centred around artificial intelligence-based molecule discovery for the beauty and wellness industry, and boasts patent-pending ingredients as well as “hundreds” also in the development pipeline.

Through the acquisition, Oddity has established Oddity Labs with a further 25 million dollar investment, which will see the two businesses combine in a bid to support the development and expansion of proprietary and science-backed products.

Oddity added that the existing suite of new molecules would be integrated into its portfolio of brands, including the likes of Spoiled Child and Il Makiage.

In a release, the group’s co-founder and CEO, Oran Holtzman, said: “Oddity is deploying its strong balance sheet to continue reinventing the beauty and wellness market and cement our competitive advantage and technology moat.

“With the acquisition of Revela, we are doubling down on innovation but this time around science-backed product development and bringing proven pharma-grade technology to beauty and wellness.”

Oddity Labs will be led by the founding team behind Revela, with the company’s co-founder and CEO Evan Zhao to join as chief scientific officer, its CSO David Zhang to become head of bioengineering and its CTO Avi Boppano to take on head of platform.