Singapore-based disruptive skincare brand Alcheme has announced the successful close of its seed funding round led by investment firm DSG Consumer Partners and backed by private investor Kenneth Bishop.
Alcheme, which is set to launch this May, uses facial recognition technology in providing “personalised and intentional” skincare, according to co-founders Tuyen Lamy and Constance Mandefield.
In an interaction with DEALSTREETASIA, Lamy did not disclose the amount raised in the seed funding round but said the funds will be used for new product development, marketing, market expansion in Southeast Asia, and the establishment of the company’s R&D and production laboratory.
“This round of funding allows us to revolutionise the face of skincare by creating personalised, high-performance and accessible solutions,” Lamy, Alcheme’s CEO, told this portal.
Both Lamy and Mandefield have a decade’s worth of experience in the skincare industry. The two co-founders of Alcheme were inspired to develop their own line of products during their tenure at a global beauty brand.
Alcheme uses technology that disrupts the traditional skincare methods and processes. The startup utilises facial recognition technology to provide what the co-founders said is an objective and scientific assessment of one’s skin.
The data collected is then interpreted using Alcheme’s proprietary algorithms in-tandem with cloud-based technologies and open-sourced platforms.
“The results are then interpreted and paired with the correct active ingredients to not only address one’s specific requirements but also help provide an improved and enhanced complexion,” the company said.
Alcheme added that its point of differentiation stems from its direct-to-consumer business model, where its skincare products are customised, made-to-order and delivered to each customer.
Lamy expects the overall Asia skincare market to be growing in the high single-digit range in the coming years, driven by direct to consumer channels, including online and experience based boutiques, as brands try to connect and further engage with their customers.
“Harnessing developments in technology allows us to pave the way for the future of beauty, and offer consumers a new paradigm in skincare,” said Lamy, Alcheme’s CEO. “Achieving perfect skin is not about making the most expensive or the most complicated choice, but about making the right choice – this choice is different for each and every one of us.”
For Mandefield, Alcheme’s COO, the startup is rethinking the entire customer and experience with skincare and that DSG Consumer Partners’ insights “will help us strengthen our offerings and drive Alcheme’s expansion plans in the region and beyond”.
DSG Consumer Partners, based in Singapore, is an investment company that focuses on consumer businesses in Southeast Asia and India.