US skin technology firm mySkin receives Series A funding from Evonik

US-based skin technology company mySkin has received Series A funding from a venture capital unit of Evonik Industries.

mySkin will use the investment to launch its hand-held, mobile-connected skin coach OKU in Q4 2018.

Following the transaction, Evonik will hold a minority stake in the skin technology company.

Evonik personal care business line head Tammo Boinowitz said: “mySkin’s technology offers the possibility of getting a direct insight into how active ingredients perform in cosmetic products at the consumer level.

“The investment supports our strategy of supplying our cosmetic industry customers with a wide range of speciality technology solutions.”

OKU is designed to measure qualities of the skin and suggest skincare products depending on data evaluation and the experiences of other users with similar skin types.

The start-up company will also further enhance its technology in collaboration with Evonik’s personal care business line, its global research and development (R&D) network and the expertise of Evonik Digital.

mySkin co-founder and CEO Rahul Mehendale said: “In Evonik, we’ve gained a strategic investor with extensive experience in innovative technologies related to skincare products.

“We are very much looking forward to working with them in understanding how skin can be measured and improved at the consumer level and empower the consumer to achieve great skin.”

Evonik is expected to invest a total of €100m in other promising start-up firms globally as part of its venture capital activities.