Cureskin, a platform that connects users with skincare experts, has raised $20 million in a series B funding round led by healthcare-focused venture capital firm HealthQuad.
Existing investors, including JSW Ventures, Khosla Ventures and Sharrp Ventures, also participated in the round, bringing Cureskin's total raised funds to $26 million.
The company will utilise the newly-raised funds to enhance its AI capabilities further and broaden its range of solution offerings, it said in a statement on Wednesday.
Founded in 2017 by Guna Kakulapati, Ramakrishna Rajanna and Charu Sharma, Cureskin's mobile application uses photo-analysis technology to analyse over 10 million skin pixels and derive more than 2,000 facial attributes, aiding in understanding various skin conditions and their severity. This was developed using a database comprising over 50 million images, the company said.
“This investment reaffirms the growing demand for accessible expertise and quality care to solve skin and hair problems for people in India. These funds will help further enhance our AI capabilities, accelerate our growth and expand solution offerings,” said Kakulapati, who is also the firm’s CEO.According to the company, it has treated over 15 lakh customers through its app, catering to various conditions such as acne, hyper-pigmentation, post-acne issues, and hair loss, with over 80% of its customers from tier 2 and tier 3 regions. After completing the analysis, Cureskin offers personalised treatments that can be purchased through in-app transactions.
Prior to this round, Cureskin had raised $5 million in a funding round led by JSW Ventures.“Cureskin is a comprehensive digital-first platform focused on customised skin and hair care treatments solving for the lack of access to dermatologists with a deep AI-led diagnosis while providing high-quality outcome-driven regimens at affordable prices,” said Dr. Pinak Shrikhande, managing director, HealthQuad.
According to a report by Redseer Strategy Consultants and Peak XV, the Indian beauty and personal care market is projected to grow at a compounded annual rate of 10% between 2022 and 2027, reaching $30 billion.