Perfect Corp., which develops virtual try-on apps for the beauty industry, is officially a public company.
The AR player made its debut Monday on the New York Stock Exchange under the ticker “PERF” after going public through Provident Acquisition Corp., a special purpose acquisition company commonly referred to as a SPAC. They act as a shell company that investors pour money into via an initial public offering and those funds are then used to acquire a company that will inherit its stock exchange listing minus the traditional time-consuming IPO process.
The IPO was funded through $230 million from its trust, around $50 million from a private investment in public equity including investors Snap Inc. and Chanel and a $55 million forward purchase agreement.
Alice Chang, founder and chief executive officer of Perfect, said, “We are thrilled to continue Perfect’s evolution, now as a public company, by reaching this significant milestone. Leveraging our access to the global capital market, we plan to extend our industry coverage from beauty and fashion to tangential sectors, augment our innovative AR and AI SaaS solutions, and empower more enterprises around the world to deliver transformative virtual product try-on experiences to consumers.”
Chang founded the company in 2015, which uses facial 3D modeling, and AI deep learning technologies, to offer beauty brands product try-on, facial diagnostics and digital consultation solutions. Among its clients are the Estée Lauder Cos., Neutrogena and Google.
Perfect also owns YouCam makeup, an app that lets people virtually try on makeup, skin care and hair styles, as well as offering recommendations for beauty products.
Michael Aw, CEO of Provident, added, “With its innovative AI and AR solutions and strong partnerships with the world’s leading beauty groups, we believe that Perfect is well positioned to continue growing its business and deliver sustainable shareholder returns. We are excited for the opportunities that lie ahead, and we look forward to working with Perfect in the future as a newly public company.”
Perfect follows in the footsteps of Waldencast, the owner of Milk makeup and Obagi skin care, which went public through a SPAC earlier this year.