THE WHAT? YouCam Makeup parent company Perfect Corp has closed a $50 million seed round, led by Goldman Sachs.
THE DETAILS The cash injection follows the company’s recent announcement of scaled up operations, more AI tech investment and plans for continued global expansion. This will include a complete suite of beauty tech solutions across all categories for e-commerce, stores, social channels, web and mobile app, according to a press release.
Alice H. Chang, Perfect Corp CEO, said, “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 WHY? With artificial intelligence and AR gaining increasing traction in the beauty world, Perfect Corp is set to use the funds to invest in its own AI beauty technology solutions across multichannel retail as well as drive corporate global expansion.
Xinyi Feng, Managing Director in the Merchant Banking Division of Goldman Sachs, said of the funding, “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.”