CRODA INTERNATIONAL INVESTS IN CUTITRONICS
Cutitronics, a multi-award winning Scottish technology company, has announced a significant investment from FTSE 100 Company Croda International plc (‘Croda’), who create, make and sell high performance ingredients and technologies.
The investment, advised by Glasgow law firm Harper Macleod, underpins a strategic partnership which marks a significant milestone for the Scottish skin care start-up’s ambitious growth and development plans.
Cutitronics was established in 2014 as a spin-out company from the University of Strathclyde by Dr David Heath, who identified a gap in the market for personalised, adaptive skin care which harnesses the power of engineering and technology-based innovation to support consumers in achieving their desired skincare and beauty results.
Cutitronics offers a menu of patented CutiTron™ technology including assessment of personal skin health, a unique method of automated skin stimulation to enhance topical product absorption and precise personalised product dosage.
It was this unique patented process, which Croda recognised as truly innovative and disruptive technology for the personal care industry that led to their minority shareholding.
Dr David Heath, Founder and Chief Executive Officer of Cutitronics said: “This milestone is the culmination of a process began three years ago, to validate CutiTron™ technically and commercially. We’re excited to be recognised by Croda and to now be partnering with them. 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 & North America at Croda, will join the Cutitronics Board as a part-time Non-Executive officer to share over 25 years of insight into the global personal care market, and to give the team access to Croda’s formulation expertise and proven history of bringing innovations to market.
Breene said: “I am delighted to be personally involved in this partnership, which 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, who joined the team in 2015 bringing with her decades of experience at corporate and brand level of global beauty, commented: “It has been my pleasure to present white labelled access to our 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 enabling theses companies to provide their customers with a 21st century home skincare solution.”
Cutitronics have also been supported by Scottish Enterprise’s High Growth Ventures team in the provision of a High Growth Adviser, internationalisation advice, product development, and business support for their Marketing Director.
Silvio Clemente, Scottish Enterprise Head of Company Growth – High Growth Ventures, 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. We look forward to working closely with Cutitronics as it continues to innovate, to help it realise its growth potential.”