Toronto beauty tech firm ModiFace sold to L'Oreal
Augmented reality innovator to develop new digital products for L'Oreal brands
French cosmetics conglomerate L'Oreal is buying ModiFace, a Canadian augmented reality and artificial intelligence firm which caters to the beauty industry.
The Toronto-based firm will be part of L'Oreal's Digital Services Factory, a dedicated network to design and develop new digital services for the group's brands, the Paris-based group announced Friday.
"With its world-class team, technologies and sustained track record in terms of beauty tech innovations, ModiFace will support the reinvention of the beauty experience around innovative services to help our customers discover, try and chose products and brands," said Lubomira Rochet, L'Oreal's chief digital officer in a statement.
L'Oreal, whose 34 brands include Maybelline and Lancome as well as its namesake beauty products line, did not disclose financial terms of the acquisition.
Try beauty products online
ModiFace's technology allows customers to try on beauty products such as lipstick or eyeshadow or do skin diagnoses via mobile app, online or in-store augmented reality mirrors.
The Toronto company's technology is already being used by 100 brands, said ModiFace's founder and chief executive Parham Aarabi.
The University of Toronto engineering professor founded ModiFace 11 years ago, and the startup now employees nearly 70 engineers, researchers and scientists.
ModiFace will remain based in Toronto, to stay close to the University of Toronto where it has established research partnerships.
"ModiFace became what it is because of the excellent engineering talent in Toronto," said Aarabi in an interview. "And so, it makes perfect sense for L'Oreal's technology arm at ModiFace to in Toronto and to expand in Toronto."