The venture capital arm of Evonik has made a minority investment in skin technology start-up mySkin Inc. The transaction took place as part of a Series A financing round.
WHO: mySkin has developed a unique handheld device called OKU, which is the world’s first mobile-connected skin coach. This technology facilitates a breakthrough in how consumers can measure and improve their skin. The company evaluates various properties of the skin to provide reliable direct skin measurements. This data, combined with the independent experience of other users with similar skin type, leads to a recommendation of care products as well as lifestyle and dietary guidance.
Evonik is one of the globally leading ingredient suppliers to the Personal Care industry with a product portfolio that consists of high-end active ingredients, technological specialties, and base products for cosmetic applications. As part of the business’s venture capital activities, Evonik plans to invest globally a total of €100 million in promising start-ups with innovative technologies and in leading specialized venture capital funds. Evonik currently holds shares in over 20 start-ups and specialty funds.
WHY: mySkin plans to use the capital to launch OKU in the last quarter of 2018 and further develop its technology with the experience of Evonik’s Personal Care Business Line, the support of its global R&D network, and the expertise of Evonik Digital.
IN THEIR OWN WORDS: “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, responsible for Evonik’s venture capital activities in North America.
“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, who went on to add: “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.”
- The venture capital arm of Evonik has made a minority investmen in skin technology start-up mySkin Inc. as part of a Series A financing round.
- Terms of the investment were not disclosed.
Photo: via mySkin