Cosmax,a cosmetics ODM (research,development,production) company,announced on the 29th that it had acquired 100% of the shares of ART Lab,an AI-based beauty tech startup.
Art Lab was established in 2019 to develop visual AI-based skin diagnosis and customized cosmetics solutions. In collaboration with the dermatology departments of Korea’s leading hospitals, including Seoul National University Hospital, we introduced AI that can not only evaluate skin condition but also differentiate more than 30 types of skin diseases.
Also, in 2023, the beauty consultation AI chatbot ‘Skin Chat’ was developed using AI and LLM (large Language Model). It is a solution that analyzes skin, recommends products, and even provides customer consultation in a mobile habitat.
Cosmax first established a relationship with Art Lab in 2020 by investing 500 million won. Afterwards, Art Lab also participated in the development of Cosmax’s customized cosmetics platform ‘3WAAU’.
Cosmax decided on this acquisition to pursue innovation using AI and robot technology. As we are currently developing more than 8,000 new products per year,we plan to use ArtLab’s AI technology to significantly improve the speed of new product research and development. In particular, the goal is to maximize production efficiency in the production field and establish a small quantity production system for a variety of products to meet the increase in orders from customers.
Cosmax established an in-house AI innovation organization along with the acquisition of art lab. The AI innovation organization is headed by Taewoong Eom, founder of Art Lab. CEO Taewoong eom is an AI and robotics expert who completed his PhD in the Department of Mechanical and Aerospace Engineering at Seoul National University and the University of Waterloo in Canada.
Cosmax BTI CEO Lee Byeong-man, who is leading the group’s digital conversion, said, “In the global cosmetics market, AI has recently emerged as a key driving force for developing customized solutions and innovative products.” He added, “Through this acquisition of art Lab, we are redefining beauty tech. “We will further strengthen ODM competitiveness,” he emphasized.
Reporter Ji Hee-su [email protected]
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How does Dr. Taewoong Eom envision the role of AI in personalizing skincare recommendations for consumers?
Interview between Time.news Editor and Dr. Taewoong Eom, CEO of ART Lab
Time.news Editor: Today, we have the pleasure of speaking with Dr. Taewoong Eom, the CEO of ART Lab, the AI-based beauty tech startup recently acquired by Cosmax. Dr. Eom, thank you for joining us!
Dr. Taewoong Eom: Thank you for having me! I’m excited to discuss what this acquisition means for the future of beauty tech.
Editor: Let’s dive right in. Cosmax has announced the acquisition of ART Lab to enhance their capabilities in AI and robotics. how do you see this alignment of goals benefiting both companies?
Dr. Eom: The partnership is incredibly synergistic. Cosmax’s extensive experience in product progress, combined with our expertise in AI technology, creates a powerful platform for innovation. With ART Lab’s skin diagnostic capabilities and advanced AI products, we can substantially accelerate the research and development process, allowing us to align more closely with consumer needs.
Editor: That’s fascinating! Your team has developed some innovative tools, including a beauty consultation AI chatbot called ‘Skin Chat.’ Can you tell us more about how this technology works?
Dr. eom: Absolutely! ‘Skin Chat’ leverages large language models to provide personalized recommendations. It analyzes users’ skin conditions and suggests products tailored to their specific needs. This chatbot is available on mobile devices,making beauty consultations more accessible than ever. We wanted to empower consumers to make informed choices about their skincare routines.
Editor: It sounds very convenient! how does collaboration with dermatology departments enhance the effectiveness of your technology?
Dr. Eom: We established strong partnerships with leading universities and hospitals, like Seoul National University Hospital, to ensure that our technology is clinically validated. By collaborating with dermatologists, we can train our AI models to accurately diagnose various skin conditions and recommend appropriate treatments. This not onyl improves the efficacy of our products but also builds consumer trust.
Editor: With the beauty market increasingly leaning towards customization, how will Cosmax and ART Lab leverage AI to meet this demand in the future?
Dr. Eom: Customization is indeed a key trend in the beauty industry. By utilizing our AI technology, Cosmax aims to refine and expedite the development of more personalized products. With plans to enhance efficiency in production processes, we will be able to introduce smaller batches of diverse formulations more rapidly. This means we can respond to specific customer requests almost in real-time, which is exciting!
Editor: That’s innovative thinking! We’ve seen the global cosmetics market embracing AI. How do you envision this technology reshaping beauty standards and consumer expectations?
Dr. Eom: AI will democratize beauty by providing bespoke solutions tailored to individual needs.As consumers become more educated, they will expect clarity and personalization from the brands they choose. Our goal is to redefine beauty tech by offering intelligent solutions that empower users, making beauty more about personal expression than unattainable standards.
Editor: That’s a powerful mission. Before we wrap up, what should consumers look forward to as an inevitable result of this acquisition?
Dr.eom: Consumers can expect more personalized and effective products on the market, along with enhanced consultations through AI technologies. We’re committed to pushing the envelope in beauty tech and enhancing the overall customer experience. Stay tuned for exciting developments in the near future!
Editor: Thank you, Dr. Eom, for sharing your insights with us today. It’s clear that the future of beauty tech is bright and innovative!
Dr. Eom: Thank you for the possibility. It’s going to be an exciting journey!