Lillycover to expand to hair care and makeup this year after $ 4 million fundraiser

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The funding round, which took place at the end of August, was led by POSCO Capital, TBT Partners, IBK and KITE Entrepreneurship Foundation.

Founder and CEO SunHee An said CosmeticsDesign-Asiathat the funding he received was “More than what we expected” and that it would use the new funds to develop its activities.

She said the funding will help the company to “Redouble efforts”to improve its products and services.

We will use the funding to develop the overall business of Lillycover, especially for the smart factory system for making custom products in small quantity as it needs to be advanced to have a mass production system ”, she says.

Founded in 2016, Lillycover specializes in personalized beauty and is one of five startups selected to join the Beiersdorf-backed beauty acceleration program, Nivea Accelerator (NX).

An, a computer engineering graduate with medical background, developed MUILLI, a smart skin care device.

MUILLI works with big data and artificial intelligence algorithms to understand their skin type. Based on this analysis, consumers can receive fully personalized skin care products on a subscription service.

The company has also developed ENIMA, a bespoke cosmetics kiosk equipped with a robotic manufacturing system.

Lillycover also owns BalanX, a skincare brand linked to the ENIMA manufacturing system, allowing consumers to receive bespoke products freshly made and delivered to location.

Product expansion is on its way

With this funding, the company intends to expand its product offering and also introduce new product categories.

Currently, the company only offers two personalized skin care products under the Balanx label – a lotion and an essence.

An told us that the company will be launching an exciting list of personalized beauty products this year.

For starters, Lillycover will be expanding its skincare line and launching scalp care products this fall. By the end of the year, the firm also intends to launch a line of color cosmetics.

“We are currently working on scalp products, which will include custom shampoo and hair tonic, as well as skin and toner for facial skin care. In winter, we plan to expand our current product line to cosmetics with custom foundation products.

In addition, the company will look to increase its workforce and invest in marketing both locally and globally.

The company said it will actively explore opportunities in overseas markets such as Japan, China and Southeast Asia.

“We will continue to develop and provide a regular subscription service based on big data and artificial intelligence algorithms. We look forward to leveraging NX’s global network and resources to help power our business ”, says An.

Previously, CosmeticsDesign-Asia reported that Lillycover aspired to tap into what it believed to be a global demand for personalized beauty and that it would be interested in entering the European market.


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