Ukrainian AI app studio Reface secures €15.2 million in non-dilutive user acquisition funding

Kyiv-based Reface, a startup that develops AI tools to empower content creation, has secured €15.2 million ($18 million) in non-dilutive user acquisition funding from Singapore’s PvX Partners. 

PvX Partners is a financial services and data intelligence platform for consumer apps. It co-invests in a company’s sales and marketing budget, and in return, receives a share of the revenue generated by newly acquired users, subject to a predefined cap. 

According to Anton Volovyk, co-CEO of Reface, the capital will be used to fuel the next phase of growth for its AI-powered consumer apps across creativity, wellbeing, and health.

Founded in 2018, Reface develops AI-native tools in content creation and lifestyle categories. It first gained widespread attention after Elon Musk posted his face swap with the “made with Reflect” watermark on X.com. Reface app was launched in 2022 and was originally called Doublicat. 

Its product portfolio includes Reface, a mobile app that allows users to replace faces in videos and photos, voice-over content, and generate AI portraits from multiple selfies. Revive is a mobile app that allows users to instantly edit and animate images, including photos, memes, and art portraits. Restyle allows users to change the style of images and videos. Other products in the portfolio include unboring.ai, Ink AI, Letsy and Memomet. According to the company, its products have collectively been downloaded more than 300 million times. 

The company claims that its apps have been used by celebrities such as Britney Spears, Dua Lipa, Justin Bieber, and Snoop Dogg. It has also collaborated with brands, including BMW, HALO, JBL, Prime Video, Toyota, and Universal.

Reface іs backed by Andreessen Horowitz, Ilkka Paananen, CEO of Supercell, David Helgason, founder of Unity Technologies, Scooter Braun, managing partner of TQ Ventures, Adam Leber, known for being the manager of Britney Spears and Miley Cyrus, as well as an Uber investor, and Roosh, a Kyiv-based tech company and investment group focused on AI and ML. 

In May 2022, the company launched the Reface Fund to cover the humanitarian needs of Ukrainian citizens and defenders, and has donated €424.2k ($500k).

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