Perfect Corp., a technology solutions provider for the beauty industry and YouCam Makeup beauty app developer, has raised $50m through Series C investment round.

The funding round was led by global investment bank Goldman Sachs (GS).

Proceeds from the funding round will be used by Perfect Corp to expand its artificial intelligence (AI) beauty technology solutions across multichannel retail and boost corporate global expansion.

Goldman Sachs Merchant Banking Division managing director Xinyi Feng said: “The integration of technology through artificial intelligence, machine learning and augmented reality into the beauty industry will unlock significant advantages, including amplification of digital sales channels, increased personalization and deeper consumer engagement.

“Led by Alice Chang, Perfect is situated to innovate into this industry-changing integration period. We are also delighted to welcome the company to our global Launch With GS initiative, which aims to increase access to capital and support diverse entrepreneurs around the world.”

Perfect Corp. claimed that its artificial intelligence (AI) and augmented reality (AR) solutions are transforming how consumers, content creators and beauty brands interact together.

With over 900 million app downloads and more than 300 global brand partners, the company claimed that its beauty app YouCam Makeup technology has upgraded the beauty industry across categories including makeup, skincare, foundation, hair and AI face attributes technologies.

Its YouCam Makeup technology enables consumers to virtually try on SKUs, find out skin conditions, get personalised recommendations and search for beauty products.

Through this investment, Perfect will be part of a global portfolio of companies that have access to Goldman Sachs’s Launch with GS network.

Perfect Corp. CEO Alice H Chang said: “This series C investment will further drive the development of our solutions globally across all beauty categories and channels for the complete 360 beauty SaaS experience for consumer.”