We had the good fortune of connecting with Iva Teixeira and we’ve shared our conversation below.

Hi Iva, can you walk us through the thought-process of starting your business?
The global Cosmetics industry will reach $785 Billion in annual sales by 2025. It is one of the largest CPG verticals. As such, Cosmetics and their ingredients have an immense impact on our daily lives, our wellbeing, and the environment. Moreover, cosmetic products are goods with complex chemical compositions. And, while the industry spends approximately 30% of revenues on sophisticated marketing, it fails to invest equally in science-backed R&D.

The average 10-year-old in the US uses 6 Cosmetics products a day, a man – 8, a woman – 11. This exposes each of us to 180 – 450 cosmetic chemicals every 24 hrs. About a sixth of these compounds are hormone-altering. They disrupt our metabolism, fertility, sleep and mood. Moreover, dozens of commonly used cosmetic ingredients are proven carcinogens. And, while the industry spends approximately 30% of revenues on sophisticated marketing, it has failed to invest equally in science-backed R&D.

I learned these dirty truths while working on a project with a global Cosmetics giant. I realized that there was a unique unclaimed opportunity for a data-driven safe cosmetics R&D solution, and that the total addressable market for it was $2 Billion. This is how the Good Face Project was born. We endeavor to be “Cosmetics Rosetta Stone”, and to shine the light of science-backed transparency on cosmetic ingredients, so that consumers, brands, and manufacturers can make better choices.

Alright, so for those in our community who might not be familiar with your business, can you tell us more?
The Good Face Project is building an AI-powered Cosmetics R&D Lab in the cloud. Its SaaS platform enables Cosmetics R&D Chemists to design products that comply with specific ingredient and product requirements. Its technology can screen any cosmetic formula and provide information about its potency, and its impact on the health of the individual, and on the environment. The company’s AI can also create clean, efficacious formulas from scratch.

The platform’s secret weapon is its proprietary AI-powered Cosmetic ingredients ontology, the largest in the world, with over 100,000 individual ingredients graded across 16 dimensions of safety and efficacy. The ontology creates a digital twin (a data model) of every single ingredient, and constantly updates that twin with more data about its safety and efficacy. This is done by countless algorithms aggregating peer-reviewed journal articles about each cosmetic ingredient, and mining them for its characteristics. And because this is an ongoing, daily and hourly process, the ontology (or ingredient tree) is essentially a machine learning sistem, constantly evolving under the supervision of the Good Face chemist and toxicologist team.

Our team launched the Good Face Formulator, a SaaS Cosmetics formulation tool in March 2021, less than 2 months ago, and its annual recurring subscription revenue has already surpassed $200,000. Among the platform’s early clients are Givaudan, the largest fragrance components supplier in the world, and Target’s R&D team in charge of Private Labels, some of which are $1 Billion brands.

If you had a friend visiting you, what are some of the local spots you’d want to take them around to?
This is not a topic suitable for my company.

Who else deserves some credit and recognition?
One name – EvoNexus, SoCal’s most amazing accelerator. My company has flourished since we became part of EvoNexus San Diego.

Website: www.thegoodfaceproject.com

Linkedin: https://www.linkedin.com/company/goodfaceproject/

Image Credits
Good Face Project, Inc.

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