Image: Evonik ´s Lutz Stoeber, and mySkin´s Rahul Mehendale
Evonik invested in the start-up company mySkin Inc., located in the city of Jersey (NJ, USA). The companies agreed not to disclose value and the amount of such participation.
MySkin has developed an exclusive handheld device – called OKU – which is the world’s first cutaneous monitor connected to mobile phones. OKU evaluates a number of skin properties that lead to recommendations for skin care products, based on the assessment of data obtained and the experience of other users with similar skin types, as well as lifestyles and a nutritional guide to help consumers achieve the ideal appearance of their skin.
“MySkin’s disruptive technology will strengthen our growth in Health & Care, while will drive digitalisation in the cosmetics industry,” said Lutz Stoeber, head of Evonik USA for investment capital activities.
“The technology offered by mySkin provides a direct insight into how active ingredients perform in cosmetic products at the consumer level,” said Tammo Boinowitz, Global Director of the Personal Care business at Evonik.
mySkin plans to use the investment to launch OKU in the last quarter of 2018 and to continue the development of this technology with the experience of Evonik’s Personal Care businessline, with supported by its global R & D network and Evonik Digital . “With Evonik we have gained a strategic investor with extensive experience in innovative technologies related to skin care products,” said Rahul Mehendale, co-founder and CEO of mySkin.
As part of its investment activities, Evonik plans to invest a total of € 100 million worldwide in promising start-ups with innovative technologies and leading specialized investment funds. In September 2017 Evonik also acquired a stake in Numaferm, a biotechnology company in peptides.