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BoldHue, a personalized beauty tech company, raised a $3.4 million seed to bring its product to market, CEO Rachel Wilson tells Axios exclusively.

Why it matters: Investors value personalization in makeup particularly, where consumers are still showing a willingness to spend.

Zoom in: The round was led by Lucas Venture Group, with participation from Capital Eleven, Backstage Capital, Tacoma Venture Fund, entrepreneur Mark Cuban, and Creative Artist Agency partner Kevin Huvane.

The company has raised $5.2 million to date. 

How it works: Founded in 2020, BoldHue has developed an at-home device it dubs a "Keurig for makeup" that can scan a consumer's face and match them with an optimal foundation shade in minutes.

The device gets Bluetooth-paired with a mobile app, which will allow consumers to personalize their colors further by dialing their shade lighter or darker according to their preference.

The device will then mix the shade, developed from its formulations.

BoldHue uses a proprietary skin-typing algorithm, Wilson says, meaning it doesn't use a database or technology from someone else

"It is really taking out the guesswork for consumers," especially when a day in the sun or the season can change someone's complexion, she adds.

The big picture: Color cosmetics are booming, with the category generating $35 billion in sales last year, according to Adobe Analytics data.

What's next: The capital will go toward shipping BoldHue's first 10,000 units of its patented device this fall, Wilson says.

It will also begin to make executive hires and support its marketing initiatives, including a roadshow that will hit major metropolitan areas.

👀 What we're watching: The company plans to adapt its technology for other color cosmetic categories in the future, which could include lipstick, hair dye and skin care, Wilson says.

BoldHue also plans to get into other categories through partnerships with well-known brands or influencers for instance, where they can use their formulations with BoldHue's device.

Fun fact: Wilson's co-founder, Karin Layton, is a former aerospace engineer for Raytheon and a painter and color theorist in her spare time.

Exclusive: BoldHue raises $3.4M to scale face-scanning beauty tech

The round was led by Lucas Venture Group, joined by Mark Cuban and Kevin Huvane.

Illustration of an eyeliner palette made out of a hundred dollar bill

Venture capital funding

BoldHue, a personalized beauty tech company, raised a $3.4 million seed to bring its product to market, CEO Rachel Wilson tells Axios exclusively.Why it matters: Investors <a class="gtmContentClick" data-vars-link-text="value personalization" data-vars-click-url="https://www.axios.com/pro/retail-deals/2023/09/05/function-of-beauty-wants-to-scale-beauty-personalization" data-vars-content-id="a70fb6be-3961-4ac3-a19d-4e7ca7af9f2e" data-vars-headline="Exclusive: BoldHue raises $3.4M to scale face-scanning beauty tech" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/retail-deals/2023/09/05/function-of-beauty-wants-to-scale-beauty-personalization" target="_self">value personalization</a> in makeup particularly, where consumers are still showing a willingness to spend.

Exclusive: BoldHue raises $3.4M to scale face-scanning beauty tech

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