Goldman leads $50m round for China's Perfect

Perfect is the business behind photo editor YouCam Makeup. Founded in Taiwan in 2014, it leverages artificial intelligence (AI) and augmented reality (AR) technology so that users can "try on" beauty products in a virtual context. It also makes personalized product recommendations and helps diagnose skin conditions.

The app has achieved more than 900 million downloads and works with over 300 global brand partners. It recently teamed up with Google to create a makeup try-on product for the search engine.

The fresh capital will be used to further develop AI technology and drive global expansion. Perfect wants to create the beauty platform of the future where individuals can express themselves, learn about the latest fashion and beauty trends, and enjoy instant access to the products. The goal is to use AI and AR to transform how consumers, content creators, and beauty brands interact.

"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 Goldman's merchant banking division.

Perfect is part of the Launch With GS, a $500 million Goldman investment strategy that targets racially, ethnically and gender diverse entrepreneurs.

The company raised a $25 million series A in 2017 led by China Creation Ventures, together with Yuanta Financial Holdings, Extol Capital and CyberLink.

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• Topics
• Greater China
• Expansion
• Consumer
• Technology
• China
• artificial intelligence
• TMT
• Goldman Sachs