lululab secures Series B funding
SEOUL, South Korea, Nov. 27, 2020,/PRNewswire/ — lululab, a member company of Born2Global Centre, has successfully attracted Series B funding from Netmarble, Korea’s leading game developer, as well as from other companies.
In addition to Netmarble, the firms L&C Bio, Global Medical Research Center, and CTK Investment are participating in this Series B funding, the amount of which has not been disclosed.
Netmarble has financially supported various venture-backed AI companies. Through such collaboration, lululab will synergize with Netmarble’s AI technology while cooperating with Netmarble’s affiliate company Coway in the home wellness appliance industry. Besides, lululab has been expanding its business, signing an MOU in October with co-investor L&C Bio to develop a new platform.
lululab has developed the AI skincare assistant LUMINI, scans users’ faces, analyzes skin conditions, and recommends skincare products tailored to specific skin profiles within 10 seconds. Recently the company launched the LUMINI Kiosk, a smart mirror that provides customized skincare services. As the first of its kind in the beauty industry, it employs AI technology based on multinational and multiracial skin data to analyze the skin and recommend products optimized for individual skin needs.
Yongjoon Choe, CEO of lululab, said, “We will accelerate the distribution of AI-based, contact-free beauty solutions,” he added. “With this investment, we plan to expand our business in the skin analysis and beauty sectors and to evolve into a provider of solutions for skin-related conditions and diseases.
lululab is being recognized internationally for its value in bringing actual skin data to the beauty industry. Consequently, it was named the CES Innovation Awards Honoree for two consecutive years in 2019 and 2020, as well as the winner of the LVMH Innovation Awards by the French multinational conglomerate LVMH.
For more detailed information on luulab, visit http://www.lulu-lab.com/en/.
About lululab
A fast-growing beauty AI startup, lululab is a spin-off of C-Lab, the in-house venture company program of Samsung Electronics in 2017. lululab has been developing the “LUMINI,” which scans and analyzes a person’s facial skin. LUMINI was named a CES 2019 Innovation Awareds Honoree in the biotech category for its novel use of skin data in the beauty industry and was selected as one of the Winners of Cosmoprof Awards Asia in the skincare category at COSMOPROF ASIA 2018. This solution was also a prestigious worldwide design award, including the iF DESIGN AWARD, Red Dot Design Award in 2018.
About Born2Global Centre
Born2Global Centre is a full-cycle service platform for global expansion. Since its inception in 2013, Born2Global has been setting the standard for a successful startup ecosystem as the main Korean government agency under the Ministry of Science and ICT. Born2Global has expanded and transformed startups to be engaged, equipped, and be connected with the global market. Follow our work at www.born2global.com or find us on Facebook and LinkedIn.
Media Contact
lululab: yl.kwon@lulu-lab.com
Born2Global Centre: jlee@born2global.com
SOURCE Born2Global Centre
