Croda has announced that it intends to increase its minority shareholding in tech and digital device company Cutitronics. Following the new investment, the specialty chemicals firm will remain a minority shareholder.
Croda made its first investment in Cutitronics in July 2017. This additional investment will allow the tech firm to develop design updates for its trademarked CutiTron device, user and compliance testing and pilot manufacture, which it hopes will result in the first customisable commercial handheld device capable of assessing skin health and preparing it for the optimum delivery of skin care formulations.
“To be part of Cutitronics at such an exciting time in their development is wonderful,” commented Sandra Breene, President of Personal Care & North America at Croda, and a Non-Executive Officer in Cutitronics as part of the original investment. “We believe that a novel device such as CutiTron, and the wealth of data around skin care routines and consumer behaviour it will provide, will be invaluable for us in creating innovative, sustainable next generation ingredients for the personal care industry.”
Dr David Heath, Founder and Chief Executive Officer of Cutitronics added, “Today’s announcement marks a milestone in Cutitronics’ journey. We are excited to be able to put real pace behind our ambitious plans to grow our team and develop our suite of technologies. The support we have received from Croda to date has been invaluable. Continuing this partnership will assist us in progressing our ambitious plans for 2019 and beyond.”