Skincare start-up Cutitronics nets major investment
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Cutitronics was set up in 2014 as a spin-out from the University of Strathclyde by David Heath after he saw a gap in the market for personalised, adaptive skin care, helping consumers achieve their “desired” results by using engineering and technology-based innovation.
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The firm has now agreed the “significant” cash injection, the value of which was not disclosed, from Croda International, which creates and sells high-performance ingredients and technologies.
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Hide AdCutitronics also said the investment, advised by law firm Harper Macleod, reinforces a strategic partnership marking a key milestone for its “ambitious” growth and development plans.
The tech company, based in Scottish Enterprise Technology Park, said it offers patented CutiTron technology including assessment of personal skin health, a unique method of automated skin stimulation to boost topical product absorption and precise personalised dosage. It added that Croda’s recognition of this unique patented process as being “truly innovative and disruptive technology for the personal care industry” led to its minority shareholding.
Heath, Cutitronics’ chief executive, said: “This milestone is the culmination of a process begun three years ago, to validate CutiTron technically and commercially. The support from the team at Croda will be invaluable to us as we seek to develop our CutiTron technology and grow our own team.”
Sandra Breene, president of personal care and North America at Croda, will join the Cutitronics board, bringing more than 25 years’ experience of the global personal care market, and will give access to the blue-chip’s “formulation expertise and proven history of bringing innovations to market”.
She said the partnership “will not only allow us at Croda to be part of this intelligent application platform, but it will also enable us to utilise the very latest digital technology to gain greater insight of consumer behaviour”.
Wilma McDaniel, Cutitronics’ commercial director, said she had presented white-labelled access to its technology “to some of the world’s most recognised beauty brands over recent months in Paris, London and New York. This partnership supports us to progress these plans.”
Cutitronics has also been supported by the high-growth ventures team at Scottish Enterprise. Silvio Clemente, the economic development agency’s head of company growth in this team, said: “We have supported this highly ambitious and innovative company with services that have allowed them to become a viable business with the capability to make strategic partnerships and to trade internationally.”