Israeli start-up NeoWize acquired by cosmetics retailer Il Makiage
NeoWize, founded by three IDF intelligence veterans, leverages data to enhance the e-commerce experience.
By DONNA RACHEL EDMUNDSShiran Holtzman Erel, Co-Founder, Chief Product Officer at Il Makiage(photo credit: IL MAKIAGE)
New York-based cosmetics company Il Makiage is acquiring Israeli start-up NeoWize in a bid to stay at the cutting edge of AI-enhanced e-commerce.Founded by three veterans of elite IDF intelligence units, Ronen Ness, Omer Nevo and Yoav Cafri, NeoWize leverages data to make predictions on customer behavior even on the first visit, an approach which it claims can improve sales by 20-30 percent from the first day."Current deep learning algorithms focus on making the most out of the data available. NeoWize utilizes active machine learning, neural networks and adaptive input to create more data and better data, thus increasing its predictive power even with limited available data," the company says."By using big data and prediction, we change the content displayed to the consumer on websites and improve the user experience and sales. In contrast to our competitors' products, the content selected for display to the user does not merely attempt to improve the likelihood of a sale; it also improves the quantity of information we get from the user's response to the displayed content."This information "enables us to learn about the user's preferences and desires far more quickly, and to introduce substantial personalization even for new users, even in the first session," they say.The acquisition follows Il Makiage's release of their Powermatch AI Algorithm and new e-commerce platform Kenzza, which ties influencer content into the retail experience. The aim is to link inspiration, education, trial and purchase experiences within a singular site.These tools have allowed Il Makiage to amass a substantial amount of industry data, which the NeoWize team will leverage.“We founded NeoWize to innovate at the cutting edge of AI, technology and e-commerce,” says NeoWize co-founder Omer Nevo, who will join Il Makiage as Vice President of R&D.“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."AdvertisementNevo is a machine learning and big data expert who developed his expertise over 12 years at the elite Unit 8200 in the IDF.He will be joined at Il Makiage by co-founder Yoav Cafri, who served in the Center for Encryption and Information Security in the IDF. Cafri takes up his new role as Chief Data Scientist.Mr.Ness chose to leave Neowize before the dramatic news yet told the Post he is proud of his part in the company's success. “Il Makiage is laser-focused on staying at the forefront of the intersection of beauty, technology and data science." Oran Holtzman, CEO of Il Makiage said."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. Today’s acquisition marks a substantial milestone for our technology team.”All current NeoWize employees will remain with the team when they relocate to Il Makiage's offices, headquartered in SoHo, New York City. The company will continue to support its current clients, independent of its relationship with Il Makiage. Financial details on the acquisition were not disclosed.
