Portfolio Perfect Corp. and Provident Acquisition Corp. of CCV complete business combination

  • Perfects Shares and warrants traded on the NYSE under ticker symbols PERFOMANCE” and PERFORMANCE WS” respectively

BEIJING, October 31, 2022 /PRNewswire/ — CCV’s early-stage portfolio company, Perfect Corp. (“Perfect”), a leading global provider of Augmented Reality (“AR”) and Artificial Intelligence (“AI”) Software-as-a-Service (“SaaS”) solutions for the beauty and fashion industries, and Provident Acquisition Corp. (Nasdaq: PAQC; “Provident”), a special purpose acquisition company, today announced the completion of its previously announced business combination (the “Business Combination”).

The publicly traded company resulting from the business combination will be called Perfect Corp and its stock and warrants will trade on the New York Stock Exchange under the ticker symbols “PERF” and “PERF WS,” respectively October 31, 2022.

Perfect also marks the second IPO the CCV team has reaped since Arrail Dental (HKSE:6639) was listed on the Hong Kong Stock Exchange earlier this year.

Perfect is the leader in the global beauty tech sector with over 400 beauty brands, including 17 of the world’s top 20 beauty groups, using Perfect’s AR and AI SaaS solutions in 80 countries worldwide December 31, 2021according to Frost & Sullivan.

The PIPE transaction is backed by world-class investors including CHANEL, CyberLink, Shiseido and Snap, as well as well-known financial investors.

Weizhou, the founding and managing partner of CCV, was impressed by Alice and her team when they first met. “I have always believed that Alice and her team will make history, and we believe that Perfect will continue to achieve great success in the global market,” Wei said.

CCV is dedicated to early-stage investments in AI technology. Besides Perfect Corp, CCV has also invested in other leading AI companies such as: B. Shukun Technology, a leading medical AI company focused on diagnostic systems for chronic diseases; Quicktron, an AI robotics company focused on intelligent warehouse robotics and logistics systems.

About CCV

CCV is a leading venture capital firm focused on early-stage investments and dedicated to supporting technology-driven innovation. Founded by the former Managing Partner of KPCB China ZhouWei and the original technology investment team at KPCB manages CCV $750 million and 2.5 billion yuan.

The CCV team has achieved a track record of 35% unicorn hit rate and their investment portfolio continues to produce at least one unicorn every year. Many of CCV’s portfolio companies have become the first IPO stocks in their respective focus areas. CCV is the lead investor in the A round for 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 from NASDAQ:MOMO). ), Shukun Technology, Perfect Corp (NYSE: PERF), JD Digital, Ximalaya FM, Transsnet Financial, MetaApp, U POWER, Cowa Robot, Naxions, Icekredit etc.

SOURCE CCV

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