Beauty tech company Perfect Corp. has raised $50 million in a Series C investment round led by Goldman Sachs.
The company plans to use the funding to further build out its augmented reality (AR) tool using artificial intelligence technology and expand into international markets.
Over the last few years, the company’s AR-powered makeup app has rapidly grown in popularity. The brand works with some 300 retail partners and has seen more than 900 million app downloads.
In 2020, the company partnered with several high profile players in the retail and tech sector. Its most recent partnership was with Snapchat, aimed at enabling its partnering retail brands that have existing AR experiences built with Perfect Corp. to turn those experiences into shoppable Snapchat Lenses, which can then be accessed via a retailer’s brand profile on Snapchat.
Some of the other tech players the company has partnered with include YouTube and Google. Google partnered with ModiFace and Perfect Corp. last month to create augmented reality-powered beauty experiences for consumers looking to test cosmetics via the Google app. Meanwhile, the partnership with YouTube allows brands to plug a catalog of beauty AR products from the YouCam Makeup platform into YouTube’s InStream Video Ads.