Digital Disrupt invests in AI-powered cosmetics startups to reinvent the future of beauty
Openface, a personalized AI-based cosmetics solution, raised $380K as Digital Disrupt VC club looks to pioneer data-driven beauty tech in Europe. Belgian fund Pitchdrive participated in the pre-seed round.
The private VC club Digital Disrupt focuses on early-stage startups with MVP and sales, raising funds to help them scale up globally. According to Andrey Lebedev, Investment Director and Partner at Digital Disrupt, solutions like Openface could reshape the beauty industry.
"As soon as the technology improves, the market for personalized cosmetics will take off," said Lebedev. "The world's largest beauty companies, such as Estée Lauder, L'Oréal, and Procter & Gamble, already tap into cutting-edge AI and AR technologies to give their customers a more personalized experience. Solutions like Openface could pioneer the field of AI-based skincare and advance the beauty industry as a whole."
To access their personalized skincare routine from Openface, users first fill out an online questionnaire approved by U.S. dermatologists and upload a selfie. After processing the photos and test results, the startup develops cosmetic formulas using precisely calibrated portions of various ingredients, selected on an individual basis. Each user receives a report on their skin's complexion, followed by a personalized serum several days later.
Kristina Farberova, Co-founder, Openface: "We're changing the traditional 'face' of skincare. One of our service's main advantages is its integrated approach. Openface deals with several different issues at once: dryness, pigmentation, skin peeling, redness, acne, fine lines, and more."
Openface used over 10,000 images to train their AI algorithms. The startup's AI model and R&D will be presented at the 30th Congress of the European Academy of Dermatology and Venereology. Openface plans to acquire a medical software license and expand in the EU before entering the U.S. market.
According to the UK firm Juniper Research, AI will reach $12 billion in global retail spending, including beauty brands, by 2023, up from an estimated $3.6 billion in 2019.
www.digitaldisrupt.vc
www.openface.io
Interviews.
[Interview] Caroline Mutuku, General Manager, Glovo, Kenya
Caroline Mutuku is Kenya's General Manager of multi-category app Glovo. Caroline joined Glovo in December 2022 from Swvl Kenya where she also served as the General Manager from December 2021. In this interview...read more here
[Interview] Renate Swanepoel, COO, INC. Networking
Renate Swanepoel is an entrepreneur, global networker and inspirational speaker that has helped thousands of people around the world to find their purpose. She has gained significant networking and communication...read more here
[Interview] Anne-Marie Chidzero, Chief Investment Officer, FSD Africa
Anne-Marie Chidzero is the Chief Investment Officer at the Financial Sector Deepening Africa (FSD Africa) Investments. In this interview, she talks about the risks and opportunities in backing Africa’s early-stage startups...read more here
[Interview] James Kilpatrick, Chair, Gravitilab, UK
Gravitilab is a "Space as a Service" business providing research, testing and qualification facilities to space agencies, government, academia and commercial enterprises. The company’s Chair and Chief Finance Officer...read more here
[Interview] Ramanjeet Singh, CEO, Woosper, USA
Woosper is a US-based digital advertising and marketing agency focused on creating experiences that help clients discover their place in the digital world. The CEO Ramanjeet Singh...read more here