The cosmetics OEM manufacturer said it signed a business agreement with SNU that stipulated that the two will establish SNU-COSMAX Technology Incubation Centre to conduct joint research into new beauty and health solutions.
Under the agreement, the company will work with SOFT Foundry, a NANO Systems Institute under SNU, which consists of 40 members from multiple faculties, such as engineer and natural sciences.
According to the two entities, the new facility will support open innovation to achieve its aim to foster collaborative research between different industries and sectors, including humanities and social sciences.
Oh Se-jung, president of SNU, said: “This collaboration will lead as a good example of an effective and desirable industry-university cooperation system.”
Previously in 2018, Cosmax and SNU collaborated to research and develop native Korean botanicals for cosmetics and health food in conjunction with the Nagoya Protocol.
The company and the university also said they were aiming to develop 10 innovative projects that would be ready for commercialisation by 2021.
The South Korean company hinted that one of its plans was to develop new materials using bio-responsive polymers, including the production of ‘human-like proteins’.
Additionally, the two organisations said it plans to research emotional analysis and big data analysis which will allow them to forecast future markets and respond timely to the Fourth Industrial Revolution.
Cosmax believes this would further strengthen its existing R&D capabilities and boost its profile as a world-class research organisation.
Chairman of Cosmax Group, Lee Kyung-soo said: “This agreement enables us to develop solutions that can transform the existing market through mutual open innovation. Based on this, we expect to lead new trends in the beauty and health industries.”
Oh added that he was confident that the research partnership between the two institutes will realise new technology based on multiple disciplines that will advance the progress of the industry.
Last July, Cosmax secured KRW82.8bn from SV Investment, a Korean venture capital firm to boost its cash liquidity and improve its financial structure.
Sung-Ho Park, CEO of SV Investment said the company decided to invest in Cosmax for its unique technology and potential to be the top cosmetics manufacturer in the world.
In exchange, the VC firm took a 10% stake in its subsidiary, Cosmax East, which manages the company’s China business. According to Cosmax, it currently holds the position as top ODM cosmetics manufacturer in China.