Lululab Completes 20 Billion KRW Series C Round... "Will Continue to Attract Follow-up Investments"

Possessing 1 Million Skin Data Records
Expanding Beauty and Healthcare Business Areas

[Asia Economy Reporter Lee Gwan-joo] Lululab, an AI beauty and healthcare company based on skin data, announced on the 12th that it has completed a Series C investment round worth 20 billion KRW and plans to continue follow-up investments.

The Series C round included participation from numerous investment institutions such as Hyundai Motor Securities, SK Shieldus, Notic Investment, Elohim Partners, Accurus Group, and Woowa Brothers. Hyundai Motor Securities, the lead investor, stated, "Big data of skin and facial images, unlike other biometric indicators, serves as a medium that can create high added value across beauty and healthcare sectors." They evaluated Lululab as "a global leading company that has secured approximately one million cases of vast skin data worldwide and provides data-driven services to consumers in the beauty and healthcare markets."

Lululab started in 2016 as Samsung Electronics' in-house venture 'C-lab' and spun off in 2017. The company utilizes skin data as a core biomarker to develop various businesses in the beauty and digital healthcare fields. In the beauty sector, it commercialized the AI skin analysis solution 'LUMINI.' LUMINI scans the skin and analyzes over 10 items such as pores, wrinkles, and acne in about 7 seconds, providing a comprehensive solution that matches and offers customized beauty products and content based on the skin condition. A mobile version, 'LUMINI SDK,' is planned to be launched next month.

Lululab AI Skin Analysis Solution 'Lumini'

In the healthcare sector, Lululab is advancing comprehensive disease prediction and management solutions by integrating skin data with chronic disease indicator data. Last year, it signed agreements with leading domestic hospitals to develop digital AI diagnostic solutions for skin and systemic diseases and is conducting research on 15 types of skin diseases including atopic dermatitis and psoriasis. Additionally, it was selected for the Ministry of Trade, Industry and Energy's Bioindustry Technology Development Project and is developing digital therapeutic device technology for orthostatic or postprandial hypotension. The goal is to obtain digital medical device certification in 2024.

Furthermore, it plans to challenge the global hair loss market in the second half of this year. The 'LUMINI Scalp' service, which analyzes scalp conditions using AI deep learning technology, was recognized for its technological excellence by winning the Innovation Award at CES 2022, the world's largest IT and electronics exhibition.

Lululab plans to conduct a technology evaluation for a special technology listing next year and pursue an initial public offering (IPO) in the first half of 2024. CEO Choi Yong-jun said, "Successfully securing Series C investment amid a challenging market environment proves our global-level AI technology and the usability of skin data, which will become the core of the beauty and healthcare industries' future based on global expansion." He added, "We will fully launch our global business within the year, launch our own application, and accelerate our healthcare business based on R&D with hospitals to establish the global standard for the skin data market."

This content was produced with the assistance of AI translation services.