Perfect Corp., the beauty industry’s leading technology solutions provider and developer of the award-winning virtual beauty app, YouCam Makeup, announced today a Series C investment of $50 million led by Goldman Sachs, a leading global investment bank. The new funds will invest in augmenting the company’s artificial intelligence (AI) beauty technology solutions across multichannel retail and drive corporate global expansion.
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 technologies allowing consumers to virtually try on SKUs, diagnose skin conditions, get personalized recommendations and easily discover beauty products.
The new funding comes as the company announces scaled up operations, more AI tech investment and marks plans for continued global expansion with a complete suite of beauty tech solutions across all categories for e-commerce, stores, social channels, web and mobile app.
“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.”
Launch With GS is Goldman Sachs’ $500 million investment strategy grounded in a data-driven thesis that diverse teams drive strong returns. As part of the investment, Perfect will join a global portfolio of companies which have access to the Launch with GS network of over 10,000 racially, ethnically and gender diverse entrepreneurs.
“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.”