Perfect Corp., the beauty industry’s leading technology solutions provider and developer of the award-winning virtual beauty app YouCam Makeup, raised a Series C investment of $50 million led by Goldman Sachs.
WHO: Perfect Corp. is a technology pioneer using proprietary AI and augmented reality (AR) solutions to ease consumer pain points in a digital-first world. With more than 900 million app downloads and over 300 global brand partners, Perfect Corp.’s YouCam Makeup technology has upgraded the beauty industry across categories including makeup, skincare, foundation, hair, and AI face attributes, allowing consumers to virtually try on SKUs, diagnose skin conditions, get personalized recommendations, and easily discover beauty products.
Founded in 1869, The Goldman Sachs Group, Inc., is a leading global investment banking, securities, and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity, and real estate.
WHY: The Series C will be used to further develop Perfect Corp.’s AI technology solutions across multichannel retail and drive corporate global expansion.
IN THEIR OWN WORDS: “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,” said Xinyi Feng, a managing director in the Merchant Banking Division of Goldman Sachs. “Led by Alice Chang, Perfect is situated to innovate into this industry-changing integration period. We are also delighted to welcome the company to our global Launch With GS initiative, which aims to increase access to capital and support diverse entrepreneurs around the world.”
“We are thrilled to be working together with Goldman Sachs who share our vision of pushing the envelope of innovation to deliver the most interactive and enriched beauty shopping experiences,” said Alice H. Chang, CEO of Perfect Corp. “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.”
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