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Beauty Tech Company Perfect Corp. Goes Public

Published November 2, 2022
Published November 2, 2022
Perfect Corp.

The Perfect Corp. is officially listed on the New York Stock Exchange under the ticker "PERF" after going public through a SPAC deal with Provident Acquisition Corp. valued at $1.02 billion.

WHO: Founded in 2015, Perfect Corp. is a global leader in providing AR and AI SaaS solutions to beauty and fashion industries. Utilizing facial 3D modeling, and AI deep-learning technologies, Perfect empowers beauty brands with product try-on, facial diagnostics, and digital consultation solutions to provide consumers with an enjoyable, personalized, and convenient omnichannel shopping experience. Today, Perfect has a leading market share in helping the world's top beauty brands execute digital transformation, improve customer engagement, increase purchase conversion, and drive sales growth while maintaining environmental sustainability and fulfilling social responsibilities.

WHY: With access to the global capital market, Perfect is committed to accelerating innovations in AI and AR SaaS solutions and expanding its business beyond the beauty and fashion industries with its technology leadership and omnichannel reach. Perfect believes it is well positioned to continue transforming consumers' shopping experiences and capitalizing on its innovative technology, while maintaining environmental sustainability and fulfilling social responsibilities.

IN THEIR OWN WORDS: Alice Chang, founder and Chief Executive Officer of Perfect, said, "We are thrilled to continue Perfect's evolution, now as a public company, by reaching this significant milestone. Leveraging our access to the global capital market, we plan to extend our industry coverage from beauty and fashion to tangential sectors, augment our innovative AR and AI SaaS solutions, and empower more enterprises around the world to deliver transformative virtual product try-on experiences to consumers."

Michael Aw, CEO of Provident, added, "With its innovative AI and AR solutions and strong partnerships with the world's leading beauty groups, we believe that Perfect is well positioned to continue growing its business and deliver sustainable shareholder returns. We are excited for the opportunities that lie ahead, and we look forward to working with Perfect in the future as a newly public company."


  • The IPO was funded through $230 million from its trust, around $50 million from a PIPE transaction, including blue-chip investors Snap Inc., CyberLink, Shiseido, and Chanel, and a $55 million forward-purchase agreement. 
  • In March of 2022, Perfect Corp. agreed to go public in the United States by merging with blank-check firm Provident Acquisition Corp. in a deal valued at $1.02 billion. The merger handed proceeds of $335 million to Perfect.
  • The company brought in $40.8 million in revenue last year, and is projecting sales north of $100 million by 2024, according to regulatory filings.
  • In January 2021, Perfect Corp. raised a Series C investment of $50 million led by Goldman Sachs, which brought total funding at that time to about $130 million.

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