Osmo has announced a “first-of-its-kind” auction in which the olfactory technology company will offer exclusive, perpetual licenses to ten proprietary fragrance molecules created through its artificial intelligence (AI) platform.
The auction of the fragrance captives, developed through the digital scent company’s Olfactory Intelligence platform, will be launched at World Perfumery Congress in Monterey, California, and gives all industry players the opportunity to secure the ingredients.
By using AI to develop fragrance molecules, Osmo is able to screen potential molecules and predict smell, intensity, performance and safety profile with a 10x higher success rate and 5-10x greater cost efficiency, it claimed.
“The traditional model for accessing new fragrance captives is slow, bilateral and ultimately limits how quickly innovation reaches the market,” Alex Wiltschko, founder and CEO of Osmo, told Cosmetics Business.
“When you show a molecule to one customer at a time, wait months for feedback and negotiate one deal at a time, the best ingredients can take years to get into the hands of the people who can actually use them at scale.
“We wanted to find a better way.”
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In response, Wiltschko set out to launch these molecules through “an open, competitive auction, which is new to the industry entirely and changes that dynamic”.
Wiltschko added: “It creates urgency, brings multiple decision-makers to the table at once, and lets the market determine where these molecules can create the most value.
“We have spent the past several months identifying the right molecules from our pipeline and preparing samples for target buyers who have the infrastructure to deploy these ingredients broadly.”
For Wiltschko, the auction is “the clearest expression yet of what Osmo was built to do”.
Wiltschko explained: “The fragrance industry has extraordinary creative talent, but it has been constrai
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