L’Oréal has selected four Canadian technological startups to participate in their corporate accelerator program.
The startups have backgrounds in areas such as technology, data management, artificial intelligence (AI), marketing, and sales.
This initiative is made possible through its new Open Innovation Program, created in collaboration with the Osmo Foundation. These companies will provide technological solutions to be implemented by the personal care brand.
The company’s cohort is:
- Livescale Technologies Inc. (Montreal, Que.);
- Faimdata (Montreal, Que.);
- Vantage (Toronto, Ont.); and
- Youneeq A.I. (Victoria, B.C.).
This is L’Oréal’s first partnership in Canada and could possibly lead to an investment with the Bold fund (a corporate venture capital initiative that will take minority stakes in innovative startups with high growth potential).
“Digital technology brings a major shift to the world of beauty, offering us new opportunities to innovate and interact with our consumers,” said Frank Kollmar, president and CEO of L’Oréal Canada. “Our company leverages technology and digital to shape tomorrow’s allure for all.”