Perfect Corp, the developer of virtual make-up try-on app YouCam, has raised US$50m in series C funding.
The latest financing round has been led by investment bank Goldman Sachs and is intended to fund Perfect Corp's artificial intelligence (AI) solutions across multichannel and support global expansion.
Based in Taiwan and led by CEO Alice Chang, Perfect Corp, which is owned by multimedia firm Cyberlink, boasts more than 900 million downloads globally and 300 brand partners, including Estée Lauder and L’Oréal Paris.
In December 2020, the cosmetics technology specialist collaborated with social media firm Snap Inc. to integrate beauty try-on features into Snapchat.
Perfect Corp aims to offer a suite of solutions across all beauty categories for e-commerce, stores, social channels, web and mobile applications.
Chang said: “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 [software as a service] experience for consumers.”
Xinyi Feng, Managing Director of Goldman Sachs' Merchant Banking Division, added: "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 personalisation and deeper consumer engagement.”