lululab Raises Series B Funding from Korea’s Netmarble

South Korean beauty AI startup 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 continuing to cooperation with Netmarble’s affiliate company Coway in the home wellness appliance industry.

In addition, lululab has been expanding its business, signing an MOU in October with co-investor L&C Bio for the development of a new platform.

lululab has developed the AI skincare assistant LUMINI, which 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 provide recommend products that are 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 the use of actual skin data to the beauty industry. As a consequence, 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.

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 scan and analyze a person’s facial skin. – BusinessNewsAsia.com