Evonik has purchased a minority stake in New Jersey-based skin technology start-up mySkin via its venture capital unit. The transaction took place as part of a Series A financing round, the investment’s value was not disclosed.
“mySkin’s disruptive technology will strengthen our Health & Care Growth Engine while at the same time driving digitalization in the cosmetic industry,” said Lutz Stoeber, head of Evonik’s venture capital activities in North America.
mySkin’s is poised to launch a hand-held device, named OKU, hailed as the world’s first mobile-connected skin coach in the final quarter of the year. OKU is said to be able to measure various properties of the skin, and then makes product recommendations based on its evaluation of the data.
“mySkin’s technology offers the possibility of getting a direct insight into how active ingredients perform in cosmetic products at the consumer level,” said Tammo Boinowitz, head of Evonik’s Personal Care Business Line. “The investment supports our strategy of supplying our cosmetic industry customers with a wide range of specialty technology solutions.”
“In Evonik we’ve gained a strategic investor with extensive experience in innovative technologies related to skin care products,” said Rahul Mehendale, Co-Founder and CEO of mySkin. “We are very much looking forward to working with them in understanding how skin can be measured and improved at the consumer level and empower the consumer to achieve great skin,” he continued.