TLDR:
- Cureskin, a dermatology platform, raised $20 million in funding led by HealthQuad.
- They plan to use the funds to enhance their AI capabilities and expand their range of solutions.
Cureskin, a platform connecting users with skincare experts, recently secured $20 million in a Series B funding round led by HealthQuad, a healthcare-focused venture capital firm. This investment brings the total raised funds for Cureskin to $26 million. The company plans to utilize this newly-raised capital to further enhance their AI capabilities and broaden the range of solutions they offer. Cureskin was founded in 2017 by Guna Kakulapati, Ramakrishna Rajanna, and Charu Sharma. They use a mobile application with photo-analysis technology to analyze skin conditions by examining over 10 million skin pixels and deriving more than 2,000 facial attributes. This technology was created using a database of over 50 million images. The platform has treated over 15 lakh customers, focusing on conditions such as acne, hyper-pigmentation, post-acne issues, and hair loss. Over 80% of their customers come from tier 2 and tier 3 regions. Following the analysis, Cureskin offers personalized treatments that can be purchased through in-app transactions. Prior to this funding round, Cureskin had raised $5 million in a round led by JSW Ventures. The investment is in line with the growing demand for accessible expertise and quality care for skin and hair problems in India. HealthQuad, the lead investor, highlighted that Cureskin is a comprehensive digital-first platform offering customized skin and hair care treatments using AI-led diagnosis. The Indian beauty and personal care market is projected to grow at a compound annual rate of 10% between 2022 and 2027, reaching $30 billion, according to a report by Redseer Strategy Consultants and Peak XV.
