Beauty tech company Perfect Corp to fund AI and AR initiatives with $25 million investment

18-Oct-2017 - Last updated on 18-Oct-2017 at 16:43 GMT

Today, the YouCam app maker announced the closing of its Series A funding round. Now Perfect Corp plans to spend millions improving the augmented reality and artificial intelligence tech that makes the digital beauty ecosystem tick.

Late last month Perfect Corp reached another impressive milestone—the company’s suite of apps surpassed 500 million downloads, as Cosmetics Design reported.

Alice H. Chang, CEO of Perfect Corp, commented at the time about how consumer expectations and behavior are evolving as technology becomes increasingly advanced: “The world is embracing augmented reality more than ever, engaging and integrating beauty AR technology in their daily beauty routines,” she said.

Big money

Perfect Corp announced today that the company has closed a Series A funding round of $25m. China Creation Ventures led the investment; but Yuanta Asia Investment, Extol Capital, and CyberLink Corp are also in on the deal.

Commenting on the investment, Zhou Wei, Managing Partner of CCV explains that “in a little over two years, Perfect Corp has developed a leadership position in the large, fast-growing and hugely competitive beauty industry. What Alice and her team have achieved in such a short period of time is extraordinary,” he says, adding that “our investment reflects the confidence we have that Perfect Corp’s disruptive technologies will be instrumental in defining a new, better shopping experience for beauty enthusiasts.”

Big business

According to the company’s press release about the investment, “the financing will be used to continue the development of Perfect Corp.’s popular mobile app suite that uses augmented reality (AR) and artificial intelligence (AI) to transform how consumers enjoy and interact with beauty products.”

To date, Perfect Corp’s apps include YouCam Makeup, YouCam Perfect, YouCam Nails, and YouCam Fun. The company also creates applications for beauty brands and retailers. In August, for instance, QVC debuted an immersive shopping app created in partnership with Perfect Corp.

With the new funding, Perfect Corp’s beauty tech business is poised to do even more. “We are thrilled to be working together with a great group of investors who share our vision of going beyond existing beauty industry models to bring a consumer experience that’s fresh and exciting,” Chang tells the press. “Capital investment will drive further development of the cutting-edge applications that have attracted the attention of leading beauty brands, retailers, makeup experts, and media outlets around the world.”