ODDITY Acquires Intellectual Property and Elite AI Research Team to Accelerate AI Capabilities

Rhea-AI Summary

ODDITY Tech (NASDAQ: ODD) announced the acquisition of Fionic1's tech intellectual property and AI research team. Fionic1, a fintech company known for advanced AI modeling capabilities, will integrate its specialized algorithms into ODDITY’s operations. The acquisition includes Asaf Nurick, Fionic’s co-founder and former CTO, along with core AI R&D team members. This move aims to enhance ODDITY's AI models, particularly in direct-to-consumer applications.

ODDITY’s CEO Oran Holtzman emphasized the strategic importance of this acquisition for expanding their AI capabilities, aiming to deliver superior consumer products and experiences. Asaf Nurick expressed enthusiasm about leveraging ODDITY’s platform to advance predictive technology. The transaction is not expected to significantly affect ODDITY’s financial position, liquidity, or 2025 earnings outlook.

Positive

• Acquisition of advanced AI intellectual property from Fionic1.
• Integration of Fionic1's specialized algorithms into ODDITY's operations.
• Inclusion of Asaf Nurick and core AI R&D team to enhance existing AI models.
• Strategic move to deepen AI capabilities for direct-to-consumer applications.

Negative

• None.

NEW YORK, Jan. 21, 2025 (GLOBE NEWSWIRE) -- ODDITY Tech Ltd. (NASDAQ: ODD) today announced that it has acquired the tech intellectual property of Fionic¹, a fintech company with advanced AI modeling capabilities for financial and consumer end markets.

Asaf Nurick, Fionic’s co-founder and former CTO, along with core members of his AI R&D team, have joined ODDITY and will focus on solving high impact missions via AI, harnessing proven methods of prediction and data-driven user engagement.

The Fionic team developed specialized algorithms which have excelled at tackling complex, real-time data sets. The acquisition and integration allows ODDITY to deepen its existing AI models and expand ODDITY’s lead in advancing AI-based algorithms for direct-to-consumer applications, which the company currently deploys across a range of front and back-end operations.

“Bringing Fionic’s elite AI research team in-house further increases our investment in expanding the frontier of AI in our industry,” said Oran Holtzman, ODDITY Co-founder and CEO. “We are excited for Asaf Nurick and his team to build upon their deep modeling expertise, enhance our current models and technology moat, and push the boundaries of what’s possible, all aimed at our goal of providing consumers with the best possible product and experience.”

“I founded Fionic on the principle that advanced algorithms can decode the nuances of consumer behavior,” added Asaf Nurick. “Joining forces with ODDITY provides a powerful platform for us to expand our reach and accelerate breakthrough developments in predictive technology.”

The transaction is not expected to have a material impact on ODDITY’s financial position, liquidity, or 2025 earnings outlook.

About Fionic's team:

The former Fionic Israel team members joining ODDITY are an elite group of AI researchers and data scientists with experience spanning military intelligence, academia and industry. Team members served in Israel’s leading technology and intelligence units including Unit 8200 and Matzov, hold advanced degrees with honors in mathematics, computer science, and engineering, and have won medals in premier global math competitions including IMO and IMC. The team brings rich experience from top tech companies, ensuring its collective expertise spans high‐scale optimization, advanced data science, and real‐time AI deployment.

About ODDITY:

ODDITY is a consumer tech company that builds and scales digital-first brands to disrupt the offline-dominated beauty and wellness industries. The company serves approximately 50 million users with its AI-driven online platform, deploying data science to identify consumer needs, and developing solutions in the form of beauty and wellness products. ODDITY owns IL MAKIAGE and SpoiledChild. The company operates with business headquarters in New York City, an R&D center in Tel Aviv, Israel, and a biotechnology lab in Boston.

Contacts:

Press:

Michael Braun
michaelb@oddity.com

Investor:
investors@oddity.com

¹ Fionic's consumer data and certain other information, including third-party proprietary information, related to Fionic's fintech business as well as its tradename, goodwill and domain names related to such business, were not acquired. Furthermore, ODDITY provided Fionic with a limited non-exclusive license in Canda for granting sublicenses in the software which is part of the acquired intellectual property to Fionic's B2B customers who are engaged in the provision of consumer credit services in Canada and for supporting and maintaining such software for such customers.

FAQ

What is the impact of ODDITY's acquisition of Fionic1's tech intellectual property?

The acquisition is expected to enhance ODDITY's AI capabilities, particularly in direct-to-consumer applications, without significantly impacting its financial position, liquidity, or 2025 earnings outlook.

Who from Fionic1 is joining ODDITY after the acquisition?

Asaf Nurick, Fionic’s co-founder and former CTO, along with core members of his AI R&D team, have joined ODDITY.

What are the benefits of ODDITY acquiring Fionic1's AI research team?

The acquisition will allow ODDITY to incorporate specialized algorithms developed by Fionic1, enhancing their AI models and expanding their lead in AI-based algorithms for direct-to-consumer applications.

How will the acquisition of Fionic1 affect ODDITY's financial outlook?

The transaction is not expected to have a material impact on ODDITY’s financial position, liquidity, or 2025 earnings outlook.

What did ODDITY's CEO say about the acquisition of Fionic1?

Oran Holtzman, ODDITY’s CEO, stated that bringing Fionic’s elite AI research team in-house increases their investment in AI and aims to provide consumers with the best possible product and experience.

What is Asaf Nurick's perspective on joining ODDITY?

Asaf Nurick expressed excitement about leveraging ODDITY’s platform to expand their reach and accelerate breakthrough developments in predictive technology.