New York-based cosmetics company IL Makiage has acquired Voyage81, a deep-tech artificial intelligence-based computational imaging technology company that is backed by Maniv Mobility and three other investors.
The US company, which counts private equity firm L Catterton as an investor, said that the acquisition will help it use Voyage81’s patented hyperspectral imaging systems to enhance its machine learning capabilities.
The acquisition also “sets the stage” for its planned new brand launches within the beauty and wellness domains, IL Makiage said.
The US firm didn’t disclose financial details of the transaction, but news reports in Israeli media put the buy price around $40 million.
IL Makiage’s origin goes back almost five decades but it was relaunched as a digital-first brand in 2018 by the brother-sister duo of Oran Holtzman and Shiran Holtzman-Erel. The previous year, it had snagged $29 million from consumer-focussed PE firm L Catterton.
Voyage81 was founded in 2019 by chief executive officer Niv Price, chief technology officer Boaz Arad, Rafi Gidron and Omer Shwartz. It is backed by True Ventures, Next Gear Ventures, Maniv Mobility and iAngels.
Price is former head of research and development at Unit 81, an elite technological unit in the Israeli Defense Forces. Arad has a PhD in computer vision while Shwartz has a PhD in cybersecurity.
Gidron is an Israeli hi-tech serial entrepreneur and founder of Chromatis Networks, which was sold to Lucent.
Following the acquisition, Voyage81’s team will be integrated with IL Makiage, and its founders will take up leadership positions in the combined entity.