Perfect Corp, a Taiwan-based beauty app developer has raised $50m in a series C round led by investment bank Goldman Sachs and backed by facial recognition technology provider CyberLink Corp.
Spun off by CyberLink in 2015, Perfect has developed an augmented reality app called YouCam which allows users to virtually sample beauty products from more than 300 global brands. Its platform can also diagnose skin conditions and provide personalised product recommendations.
The proceeds of the round will be invested in the the company’s artificial intelligence technology and support its corporate global expansion.
Perfect CEO Alice 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 [software-as-a-service] experience for [the] consumer.”
In 2017, the company secured $25m in a series A round led by venture capital firm China Creation Ventures that included CyberLink and Yuanta Asia Investment, a subsidiary of financial services firm Yuanta Securities, as well as investment firm Extol Capital.
E-commerce firm Alibaba led a series B round of undisclosed size for Perfect in September 2019 that also featured Cyberlink and VC firm China Creation Ventures, according to local media reports.