Digital Disrupt reinvents the future of beauty by investing in AI-powered cosmetics startups

NEW YORK, Aug. 10, 2021 /PRNewswire/ -- 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.

"We're changing the traditional 'face' of skincare," said Kristina Farberova, Openface co-founder. "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.   

About Openface.io

Openface is an AI-based personalized D2C skincare solution. The startup was launched in 2019 by entrepreneurs Dina Berezina and Kristina Farberova and chemist Natalya Martynova. Openface is based in Vilnius, Lithuania, and 90 percent of the startup team are women. Openface is the winner of the world's largest startup competition for women, "She loves tech."

SOURCE Digital Disrupt

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