LUUM
Setting the Scene
For decades, eyelash extensions have been manually applied, a method fraught with inefficiencies and risks.
The process is extremely inefficient as the application takes hours to complete.
Thereās a high liability and hygienic risk involved with humans operating metal tools near the eyes.
Eyelash artists often have reduced career longevity because the labor is extremely intensive.
This weekās company is transforming the beauty industry with robotic and AI-powered technology to apply eyelash extensions, making the process faster, safer, and more consistent.
In a Sentence
LUUM is a beauty services robotics company that applies eyelash extensions through an AI-powered machine.
Application: LUUM uses advanced robotics to apply eyelash extensions, significantly reducing the time and effort required compared to manual methods.
AI-Powered Robotics: LUUMās technology leverages artificial intelligence to ensure precision and consistency, enhancing both the safety and quality of the traditional process.
Bulleted Version:
- Similar to how a self-driving car replaces manual human control, LUUMās robotic lash technician takes the driverās seat in eyelash application to enhance efficiency, safety, and user experience.
The Basics
- Headquarters: San Francisco, CA
- Employee Count: 50+
- Investors:
Foundation Capital, XSeed Capital, Ulta Beauty, Artifact Capital
- Funding amount: $17.5 million
- Business model: Shop-in-Shop model within established beauty retailers
- Early traction: Successful pilot with Ulta Beauty, 90%+ booking rates, and over 1800 sessions completed, 1230 salons on a waitlist for pre-orders
Due Diligence
WHAT WE LIKE
Market Opportunity: The U.S. eyelash extension and services industry is surprisingly large and poised for further growth, making LUUM's proposition a potential winner-take-all.
LUUM also has opportunities to expand their robotic technology into other segments of the beauty salon industry, which is valued at $155B.
Enhanced Safety Features: LUUMās AI-powered robotic technology ensures maximum client safety with innovative features such as a feather-light wands with flexible ends that automatically disengage if it detects movement.
Intellectual Property: LUUM has built a strong competitive moat with 48 awarded patents across 25 countries, securing its innovative technology and providing a significant barrier to entry for potential competitors.
POTENTIAL RISKS
Business Model: Although LUUMās pilot was successful in providing robotic eyelash extension services directly to customers within a partnered beauty retailer setting, the shift to a shop-in-shop rental model remains untested in the market.
Consumer Hesitancy: Market adoption may be hindered by consumer reliance on trusted eyelash specialists and potential discomfort or unease with a machine-based application process, necessitating efforts for education.
Potential Technological Failures: As with any advanced technology, there is a risk of unforeseen technical issues or malfunctions, making upkeep and reliability critical to maintaining client trust and satisfaction.
Founder Profile
Nathan Harding: CEO and CTO, previously co-founded Ekso Bionics (NASDAQ: EKSO).
Rachel Gold: CMO, previously help lead strategy at Elephant, VCCP, and Adobe.
Kurt Amundson: VP Engineering, previously at Ekso Bionics and experienced in robotic-human interactivity.
Lynn Heublein: Served as Chairperson until recently.
Comps
10 Beauty: Backed by Lerer Hippeau, Shine Capital, Imaginary Ventures, and Red Sea Ventures.
Clockwork: Backed by Initialized Capital, MVP Ventures, Pipeline Capital, and others.
Why LUUM
By bringing a faster, safer, and more consistent process to lashing through patented robotics and AI, LUUM is making a sleepy industry blink.