CCV's Portfolio Perfect Corp. and Provident Acquisition Corp. Complete Business Combination
BEIJING, Oct. 31, 2022 /PRNewswire/ -- CCV's early-stage portfolio company Perfect Corp. ("Perfect"), a global leader in providing augmented reality ("AR") and artificial intelligence ("AI") Software-as-a-Service ("SaaS") solutions to beauty and fashion industries, and Provident Acquisition Corp. (Nasdaq: PAQC; "Provident"), a special purpose acquisition company, today announced the completion of their previously announced business combination (the "Business Combination").
The listed company resulting from the Business Combination will be called Perfect Corp, and its shares and warrants will commence trading on the New York Stock Exchange under the ticker symbols "PERF" and "PERF WS" respectively, on October 31, 2022.
Perfect is also the second IPO that the CCV team has harvested since Arrail Dental (HKSE:6639) was listed in Hong Kong Stock Exchange earlier this year.
Perfect is the market leader in the global beauty tech sector, with over 400 beauty brands, including 17 of the world's top global 20 beauty groups, utilizing Perfect's AR and AI SaaS solutions in 80 countries globally, as of December 31, 2021, according to Frost amp; Sullivan.
The PIPE transaction is backed by blue-chip investors including CHANEL, CyberLink, Shiseido, and Snap as well as reputable financial investors.
Wei Zhou, the founding and managing partner of CCV, was impressed by Alice and her team in their first meeting. "I've always believed in Alice and her team to make history and we think Perfect will continue to achieve greatness in the global market," said Wei.
CCV devotes to early-stage investments in AI technology. Besides Perfect Corp, CCV has also invested in other leading AI companies, such as Shukun Technology, a leading AI medical company that focuses on diagnostic systems for chronic diseases; Quicktron, an AI robotics company that focuses on intelligent warehouse robotics and logistics systems.
CCV is a leading venture capital firm focusing on early-stage investment and committed to supporting technology-driven innovation. Founded by former KPCB China managing partner Zhou Wei and the original technology investment team at KPCB, CCV manages 750 million USD and 2.5 billion RMB.
CCV team has achieved a 35% unicorn hit rate track record, and its investment portfolio continues to yield at least one unicorn every year. Many CCV's portfolio companies have become the first IPO stock in their respective focused areas. CCV is the A-round leading investor in 80% of its investments.
CCV's star portfolios include JD.com (NASDAQ:JD), Venus Tech (SZSE:002439), CreditEase (NYSE:YRD), COL Group (SHSE:300364), Rong 360 (NYSE:JT), TanTan (acquired by NASDAQ:MOMO), Shukun Technology, Perfect Corp(NYSE: PERF), JD Digital, Ximalaya FM, Transsnet Financial, MetaApp, U POWER, Cowa Robot, Naxions, IceKredit etc.
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