Perfect

Taiwan-based Perfect Corp provides business-to-business (B2B) technology solutions for the beauty industry using AI, ML, AR, and facial recognition technologies. 

The company’s “YouCam” solution involves skin analysis, virtual try-ons, and shade-finder functions that are available online as well as in store. Perfect Corp has also introduced several supplementary products to YouCam, such as “YouCam Video” (introduced in January 2021) built on its patented AR-based “AgileFace” tracking technology that allows users to edit videos by (virtually) applying makeup, and “YouCam Tutorial” (introduced in September 2021), a software-as-a-service (SaaS) tool that assists beauty brands and makeup artists carry out virtual makeup tutorials for customers.  

In July 2023, the company expanded its suite of AR-powered jewelry solutions, allowing brands to create realistic earrings for virtual try-on without the use of expensive 3D modeling techniques. Previously, in May 2023, Perfect Corp improved its hand sizing tech for fingers and wrists, helping to match consumers with their correct size for rings, bracelets, and watches. The company also launched a 3D Viewer and 3D authoring tool for AR rings and watches in March 2023, allowing jewelry and watch brands to import 3D model CAD files, preview 3D renders and streamline the creation of AR content.

The company’s product portfolio also includes a contactless virtual try-on feature for face and nails, which was introduced in response to increasing demand for such solutions due to the Covid-19 pandemic. This solution uses voice recognition and gesture control to allow the customer to navigate using voice commands. 

Perfect Corp generates revenue via monthly subscriptions, offering two plans, Essential (USD 399) and Premium (USD 799), as well as custom pricing for larger enterprises.

Key customers and partnerships

As of July 2023, 400 enterprises used the company’s solutions including major beauty brands such as L’Oreal, Lancome, Decorté, and MAC Cosmetics.

In July 2023 , the company partnered with global travel retailer Dufry to provide in-store and web makeup virtual try-on for products from 15 brands. Previous partnerships include that with Warner Bros. for a collection of AR movie effects for The Flash in June 2023.

Funding and financials

In March 2022, the company announced that it entered a definitive agreement to merge with Provident Acquisition Corp., a special-purpose acquisition company (SPAC), in a transaction that set Perfect Corp.’s enterprise value at ~USD 1 billion. Upon the completion of the transaction in Q3 2022, receiving USD 335 million in gross proceeds, the combined company was to be renamed Perfect Corp. and listed on the Nasdaq under the ticker “PERF.”

Competitors: None. (Perfect Corp is the only startup under our coverage that focuses on providing AR solutions for the personalized beauty industry.)