AudinFutures Forms Business Partnership with Robotics and AI Solutions Provider 'MegaRobotechnology'
[Asia Economy Reporter Jang Hyowon] Audin Futures, which sells the cosmetics brand NEOGEN, announced on the 7th that it has signed a letter of intent for business cooperation with Megaro Technologies (MEGARO TECHNOLOGIES), a company that provides robotics and artificial intelligence (AI) solution technologies for life science research such as pharmaceuticals and biotechnology, regarding cosmetics development using robots.
Along with this, Audin Futures also formed a business partnership including the procurement agency for Korean semiconductors necessary for robot production.
Megaro Technologies, based in Beijing, is a company specializing in the development of analysis and testing robots for multinational pharmaceutical and biotech companies. In June, it secured an investment of $300 million (387.8 billion KRW) from Goldman Sachs. In addition to its existing core development fields of pharmaceuticals and biotechnology, the company is seeking to expand its business areas through synergy with the Korean cosmetics industry, which holds a unique position in the global market as K-Beauty.
This business agreement with Audin Futures is aimed at maximizing the applicability of robots in the cosmetics field, which requires consideration of race, age, and skin type, unlike pharmaceuticals that expect a single therapeutic effect. It includes the development of unmanned experimental robots and manufacturing robots capable of producing various products to create cosmetics that meet consumers' precise and diverse needs.
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Audin Futures, which has conducted two types of business?selling its own brand and ODM?secured the distribution network for its brand NEOGEN through the acquisition of a distribution specialist company with annual sales of 150 billion KRW in June. Marking the business partnership agreement with Megaro Technologies, the company plans to diversify its business areas beyond the existing ODM sector by leveraging over 20 years of know-how in cosmetics development to include software sales related to development and manufacturing as well as overseas plant exports.
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