The funding round, held late August, was led by POSCO Capital, TBT Partners, IBK and KITE Entrepreneurship Foundation.
Founder and CEO SunHee An told CosmeticsDesign-Asia that the funding it received was “more than we expected” and that it would be using the new funds to expand its business.
She elaborated that the funding will help the company in “stepping up efforts” to improve its products and services.
“We will use the funding to expand Lillycover’s overall business, especially for the smart factory system for manufacturing customised products in small quantity as it needs to be advanced to have a mass production system,” she said.
Founded in 2016, Lillycover specialises in personalised beauty and is one of the five start-ups selected to join Beiersdorf-backed beauty acceleration program, Nivea Accelerator (NX).
An, a computer engineering graduate with experience in the medical field, developed MUILLI, a smart skin care device.
MUILLI works with big data and artificial intelligence algorithms to understand their skin type. Based on this analysis, consumers can receive fully customised skin care products on a subscription service.
The company also developed ENIMA, a custom cosmetics kiosk that is fitted with a robotic manufacturing system.
Lillycover also owns BalanX, a skin care brand that ties up with the ENIMA manufacturing system, allowing consumers to receive tailored products that are freshly made and delivered on the spot.
Product expansion on the way
With the funding, the company is intending to expand its product offering and introduce new product categories as well.
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September 30, 2021 at 08:46AM
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Stepping up: Lillycover to expand into hair care and make-up this year following $4m fundraise - CosmeticsDesign-Asia.com
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