ModiFace, a Canada-based augmented reality technology spinout from University of Toronto, agreed to an acquisition by cosmetics brand L’Oréal on Friday for an undisclosed sum.
Founded in 2006, ModiFace has developed augmented reality and artificial intelligence technology that lets consumers see how a beauty product or hairstyle will affect their look in real time. The technology works both for photos and videos, and is being used by more than 100 brands.
The spinout is commercialising technology developed by Parham Aarabi,…
