Perfect Corp. secures $50 million in funding round led by Goldman Sachs
Perfect Corp., the beauty technology solutions provider behind YouCam Makeup, announced on Wednesday that it has raised $50 million through a Series C funding round led by global investment bank Goldman Sachs.
The company plans to use the funds to improve its artificial intelligence (AI) tools across multichannel retail and push forward with its global corporate expansion.
Founded by CEO Alice Chang in 2014, Perfect Corp. develops AI and augmented reality (AR) solutions for the beauty industry. Its YouCam Makeup platform allows consumers to virtually try on color cosmetics, skincare and hair products, and currently boasts more than 900 million app downloads, as well as over 300 brand partners around the world, including U.S. beauty retailer Ulta and Chinese e-commerce giant Alibaba.
The Taiwan-based company’s latest round of investment brings its total funding up to around $130 million. The news follows announcements that it plans to expand its operations, double down on its investments in AI technology and develop a full suite of beauty tech solutions that can be accessed via e-commerce platforms, physical stores, social channels, and mobile apps.
“We are thrilled to be working together with Goldman Sachs who share our vision of pushing the envelope of innovation to deliver the most interactive and enriched beauty shopping experiences,” explained Chang in a release. “This series C investment will further drive the development of our solutions globally across all beauty categories and channels for the complete 360 beauty SaaS experience for consumer.”
The funding that Perfect Corp. has received from Goldman Sachs is part of the investment banking firm’s “Launch With GS” initiative, a $500 million strategy that seeks to invest in companies led by diverse teams.
“The integration of technology through artificial intelligence, machine learning and augmented reality into the beauty industry will unlock significant advantages, including amplification of digital sales channels, increased personalization and deeper consumer engagement,” commented Xinyi Feng, a managing director in Goldman Sachs’ merchant banking division, in a release.
“Led by Alice Chang, Perfect is situated to innovate into this industry-changing integration period,” he added.
Perfect Corp. has continued to roll out new services during the Covid-19 pandemic, having recently launched a plug-in on digital marketplace Shopify. Previously, the company temporarily offered beauty brands access to complimentary AR live training services to facilitate distance working.
When brick-and-mortar stores began to reopen after lockdown, Perfect Corp. also introduced new non-touch features to its in-store try-on solution in order to support efforts to implement stricter hygiene measures in retail environments.
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