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Mergers & Acquisitions

Il Makiage Buys Israel’s Voyage81 for $40 Million

Voyage81 Team Company Pic

Voyage81 is an Israeli startup that offers deep-tech AI-based computational imaging. Voyage81 was just acquired by Israeli owned make-up company Il Makiage   for $40 million.

Founded in 2019 by CEO Niv Price, former head of R&D at the IDF’s elite technological unit 81, CTO Dr. Boaz Arad, Dr. Rafi Gidron, and software lead Omer Shwartz, Voyage81 is a deep-tech AI-based computational imaging startup and the only company in the world to develop patented software that brings hyperspectral imaging capabilities to smartphones via its physics-based algorithms.

Voyage81’s algorithms extract 31 channels of hyperspectral information from RGB images taken with existing smartphone cameras with 98% accuracy. Their tech can map and analyzes skin and hair features, detects facial blood flows, and create melanin and hemoglobin maps from a smartphone alone. So, this tech will obviously be of use to a make-up company like Il Makiage.

Originally founded in New York in 1972 by Israeli makeup artist Ilana Harkavi, Il Makiage was relaunched in 2018 by brother and sister team Oran Holtzman and Shiran Holtzman-Erel. It is a New York based, tech-driven prestige beauty brand that boasts that they are “shifting millions of customers to shopping for beauty online.”

“We are defining and building the future of beauty by using unparalleled technology to connect people with superior, painstakingly tested, beauty products.”

Il Makiage CEO Oran Holtzman said, “For the past two years, we have been searching for computational imaging solutions that can work in beauty and wellness to further advance our existing AI capabilities. I have met dozens of computer vision startups but could not find a technology that can fit our industry and was strong enough to fulfill our goals. Bringing on Voyage81’s patented technology and exceptional team to our tech and data science departments is a huge win for our company’s future, our users, and the industry at-large.”

Dr. Arad said, “Combining Voyage81’s physics-based algorithms with Il Makiage’s existing data science team and utilizing the company’s one billion+ data points and unprecedented daily incoming data flow, will further boost our AI vision capabilities. Thus, I strongly believe that together we can conquer the next frontier in the beauty and wellness industries – creating a technological advantage that will be next to impossible to match.”

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