With a new multimillion-dollar investment, startup The Good Face Project is hoping to change how cosmetics companies go about R&D.
Good Face Project announced Tuesday a $5.65 million investment from VMG Capital. The company has introduced an AI-powered platform for aiding R&D in any vertical which relies on chemistry, starting with cosmetics.
CEO and co-founder of Good Face Project Iva Teixeira told CosmeticsDesign that the platform is intended to allow R&D teams and brands to address mounting consumer demands at the start of product development.
While the development process used to include creating a product and then screening it against the relevant regulations, Teixeira said today’s market moves too quickly and includes too many demands to use the same model.