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Beauty tech firm Perfect Corp. is planning to go public in a $1 billion deal

The AR and AI company is set to merge with a blank check company backed by Alibaba and Snap.

Alice Chang posing beside a Perfect logo.

Perfect Corp. CEO Alice Chang.

(Courtesy photo)

Beauty tech firm Perfect Corp. is set to become a public company valued at $1 billion following a SPAC merger that is expected to be finalized later this year, the company said this week.

Founded in 2015 by tech executive Alice Chang, New York-based Perfect Corp. specializes in providing augmented reality and AI software tools to the beauty and fashion industry. Its capabilities include 3D facial and hand modeling, AI skin diagnostics, AR video consultations, live product try-on, and personalized facial attribute recommendations.The company says its products are used by 95% of the world’s top 20 beauty groups, and over 400 beauty brands in more than 80 countries.

With the move to become a public company, it plans to expand into additional fashion categories, as well as develop applications for the metaverse.

The company will merge with Provident Acquisition Corp., a so-called "blank check" company that is backed by ecommerce giant Alibaba, camera tech company Snap and financial leader Goldman Sachs Asset Management, among others. Through the merger, the company expects to raise $335 million.

The deal is expected to close in the third quarter of 2022. The company will be listed on the Nasdaq under the ticker symbol PERF.

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