Good Face Venture introduced Tuesday a $5.65 million funding from VMG Capital. The corporate has launched an AI-powered platform for aiding R&D in any vertical which depends on chemistry, beginning with cosmetics.
CEO and co-founder of Good Face Venture Iva Teixeira informed CosmeticsDesign that the platform is meant to permit R&D groups and types to handle mounting shopper calls for firstly of product improvement.
Whereas the event course of used to incorporate making a product after which screening it in opposition to the related rules, Teixeira stated at present’s market strikes too rapidly and consists of too many calls for to make use of the identical mannequin.
Utilizing funding to vary shopper items R&D course of
With the funding, Teixeira stated Good Face Venture would proceed to broaden within the cosmetics and private care sector, in addition to different packaged shopper items verticals.
Shoppers have expectations of sustainability, packaging, affordability, efficacy, pores and skin sensitization and lots of different points of their private care merchandise, which is troublesome for manufacturers to maintain up with.
Teixeira stated R&D broadly must create methods to funnel market insights to not solely hold up-to-date however look in direction of to the buyer calls for of tomorrow.
“That simply screams massive information and real-time information on the fingertips, not only for the marketer, however for the choice maker that’s in procurement, the choice maker that’s in manufacturing, the choice maker that’s on the chemist’s bench,” Teixeira stated.
She additionally stated this perception made VMG the correct investor for The Good Face Venture, each on the trade and expertise sides.
Success for a brand new kind of start-up
Whereas the corporate is clearly vying for industrial success, Teixeira additionally stated the funding and development of The Good Face Venture can be a win for a unique kind of start-up staff.
Not solely are the co-founders of the corporate girls and moms, which Teixeira stated isn’t essentially typical, however the staff can be distributed internationally, together with an engineering staff primarily based in Ukraine.
“At this time limit, it is a part of our mission to succeed as an organization commercially in order that the livelihood of our builders (in Ukraine) will be secured,” she stated.
As the corporate strikes ahead, Teixeira stated she desires magnificence professionals to know product staff is open-minded and encourages discussions to additional develop The Good Face Venture, as formulators did when the software program was being developed.