Il Makiage, the fastest-growing makeup brand in the US, debuted online in Australia is June.
With more than 25 million users and five million customers, Il Makiage has doubled its business over the past three years. By the end of the year, revenues are expected to reach US$250 million.
Oran Holtzman, CEO of Il Makiage, has always believed in investing in advanced technology, product formulas and e-commerce customer experience.
The company’s first major tech acquisition – NeoWize in 2019 – allowed Il Makiage to develop its shade-matching algorithm, PowerMatch, which closely predicts foundation choices using 50 shades.
The fast-growing brand has now acquired Voyage81 for US$40 million to expand its existing AI portfolio and up the ante for its first entry into the wellness category.
Voyage81 is an AI computer vision startup which uses a physics-based algorithm to convert images taken with a camera or smartphone to a higher resolution to allow in-depth analysis of skin and hair.
According to Dr Boaz Arad, the co-founder and chief technology officer of Voyage81, the company’s software can detect facial blood flows and map out melanin and haemoglobin content of the skin based on a selfie.
“This is a game-changer for beauty and wellness overall”, he adds. “Hyperspectral vision is even more generalisable because a single hyperspectral image can provide more information that hundreds, or even thousands, of conventional RGB images”.
Il Makiage is gearing up for the launch of two standalone brands, starting with a wellness product by the end of the year.
According to Holtzman, the company’s broader strategy was to launch a new standalone every 18 months and it is already working on a third contender.