Biotech and internet platform company, Vitargent, has signed an investment agreement with PwC Hong Kong. This agreement represents PwC's first proposed investment in the biotechnology and internet platform environment.
Signing agreement
This injection of resources will see the duo continue to explore and answer challenges in consumer product safety in the beauty and cosmetics space throughout Greater China.
On 29th June 2018, the two companies held an official signing current in Hong Kong. Raymund Chao, Chairman, PwC Asia Pacific and Greater China, and Jimmy Tao, Chief Executive Officer of Vitargent were both present.
Product safety assurance
An award-winning biotechnology company focusing on product safety testing, Vitargent uses fish-embryo based toxicity testing technology with input from its Scientific Advisory Board.
Its technology has received support from at least ten institutional investors and is currently being used with 50+ companies and organisations in global skin care and cosmetics companies, research institutes, testing laboratories and governments.
“We will work closely to ensure food manufacturers and suppliers, across Greater China and beyond, will benefit from Vitargent's advanced bio-toxicity testing technology, which provides early warnings to unsafe products and helps avoid potentially disastrous consequences,” added Jimmy Tao, Chief Executive Officer of Vitargent.
“By sharing our industrial experience and expertise, we are setting a safety standard that is beyond regulatory requirements. We are building the world's largest database of bio-data for consumer products that will add value to the business and instil confidence to consumers and other stakeholders,” added Tao.
2.0 testing
Together, their aim is to provide a “holistic one-stop solution” to help companies improve their product quality and give accreditation in recognition of high-quality that brands provide.
Vitargent also releases issues Test-it reports, from its consumer information product safety platform, the world's first with Testing 2.0 bio-testing technology. It also provides information through its safe-to-buy product lists to consumers.
PwC will act as a strategic partner providing professional services and a foundation for public trust across Vitargent's markets.
“Looking ahead, we are ready to deliver greater value to the food and consumer markets, with a focus on driving commercial growth while balancing that with consumer trust and regulatory concerns,” said Raymund Chao, Chairman, PwC Asia Pacific and Greater China.