Cosmetic

Personalised beauty AI startup Openface secures VC funding, eyes Europe expansion

Founded in 2019, Openface used Artificial Intelligence (AI) to analyse consumer questionnaires and images for personalised cosmetic serums targeting specific skin care needs. A large data set enabled the company to match up these needs with specific active ingredients and blends, selected from scientifically researched concentrations and formulas.

Earlier this year, the company raised €325,400 ($380,000) in funding from Russia-headquartered private venture capital club Digital Disrupt after a pre-seed round supported by Belgian fund Pitchdrive. The money raised would be used to further develop the Openface software, upscale its offering in Europe via an English-language version and test new markets. The tech company wanted to eventually springboard into the medical and healthcare sectors.

Openface ambition – ‘we want to build a big health or medical service’

Kristina Farberova, co-founder of Openface, said D2C personalised cosmetics was just “a first point”​ for the company, and it had been a strategic choice.

“Cosmetics helps us to collect data; it’s important if you want to build something special and something serious. In the future, we want to build a big health or medical service, and for that we need data; we need a few algorithms. And direct-to-consumer services or direct-to-consumer cosmetics will help collect the data and build this service,”​ Farberova told CosmeticsDesign-Europe.

“…In the future, we see ourselves as a business solution for health care or for medical care. For example, it could be a software that helps dermatologists make a diagnosis and for patients to get a second opinion, which we know is really important,”​ she said.

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