Insider Brief
- MYAVANA raised $5.9 million in a seed round to expand its AI-driven personalized hair care technology.
- The company uses AI to provide personalized hair analysis, benefiting retailers, salons, and consumers with tailored product recommendations.
- The funding will accelerate MYAVANA’s market impact, driving innovation in the $113 billion global hair care industry.
PRESS RELEASE — ATLANTA/August 9, 2024 /PRNewswire/ — MYAVANA, the trailblazer in AI-driven personalized hair care, has just closed a $5.9 million seed round. This infusion of capital underscores MYAVANA’s pivotal role in revolutionizing the global hair care market, projected to reach $113 billion by 2031. It is spearheaded by strategic investors who understand the AI market and MYAVANA’s impact using hair data to inform markets. Investors include Prisma Ventures (the innovation fund of Ulta), H/L Ventures, New Age Capital, BrainTrust, Duo Partners, REFASHIOND Ventures, Resilient Ventures, Amazon, Reform Ventures, and NGC Capital. This round of funding will accelerate MYAVANA’s unique market position, pioneering personalized haircare under the visionary leadership of its founder, Candace Mitchell.
MYAVANA’s journey over the past 12 years has been marked by breakthrough innovations, with the development of the world’s first AI-driven, proprietary personalized hair care software system at its core. Hair analysis is as unique as a fingerprint and reveals so much about us: texture, type, condition, toxins and minerals in the body, illnesses, stress, medications, and diet. MYAVANA is leveraging its market leadership position and data-driven insights to impact several core areas initially.
Four Business Lines Driving Growth and Innovation
At the heart of MYAVANA’s business model lie four distinct pillars, each contributing to its rapid growth and market penetration:
- Strategic Retail Partnerships: MYAVANA’s real-time data analytics platform enables partners like Ulta and Amazon to drive purchases with its Hair RI solution. MYAVANA has also collaborated with the National Black-Owned Beauty Supply Association and Braintrust Founders Studio, facilitating distribution to over 1,000 retailers and salons.
- Consumer Data Solutions: MYAVANA’s comprehensive HairCl database is valuable for hair brands and R&D companies such as Unilever and BASF, which seek actionable consumer insights to enhance their offerings. MYAVANA hopes to work with all hair care manufacturers so they understand exactly who their target customers are and can boost sales accordingly.
- Personalized Hair Analysis: Unlike traditional one-size-fits-all approaches, MYAVANA offers personalized hair analysis through its HairAI™ technology, empowering consumers with tailored product recommendations suited to their unique hair characteristics.
- Scientific Intelligence Services: MYAVANA’s scientific intelligence provides access to its proprietary HairSI™ Strand Analysis Kit, offering comprehensive healthy hair care plans tailored to individual challenges and goals.
Hair AI: Redefining Personalized Hair Care
MYAVANA’s pioneering HairAI™ technology utilizes microscopic hair analysis and advanced algorithms to decode the intricacies of hair texture, type, and condition, providing retailers, consumers, and salons with instant product recommendations tailored to their specific needs. “A person’s hair is as unique to them as a fingerprint, and we’ve unlocked powerful, personalized insights with our AI platform,” said MYAVANA CEO and Founder Candace Mitchell. “Hair is the longest record of your body’s health, providing as much as a decade of information about a person’s health and needs. I’m grateful to our investors who see the long-term potential and share our mission.”
“This is such a differentiated and powerful use of AI in an enormous market with few competitors,” said Agustina Sartori, Sr. Director of Innovation at Ulta Beauty. “There’s a great deal of potential for MYAVANA to not only influence the health and beauty sector but to have a profound impact beyond cosmetic concerns.”
“Our mandate is to seek impactful businesses with high growth potential and diverse founding teams, and MYAVANA is just such a company,” said Oliver Libby, Managing Partner at H/L Ventures. “Hair AI can lead to numerous commercial opportunities and even wellness insights, and we believe Candace and her team can unlock this exciting potential.”
“This represents a highly differentiated and powerful use of AI in a vast market with few, if any, competitors,” said Karyn Schoenbart co-founder of Duo Partners and former CEO of the NPD Group. MYAVANA has immense potential to revolutionize the health and beauty sector — and beyond — with its unique technology. By enabling consumers to identify the right products and offering brands and retailers a novel approach to market, MYAVANA is poised to disrupt the industry”.
Inaugural Techturized Beauty Tech Summit: Driving Industry Transformation
As MYAVANA celebrates its 12th anniversary, it hosted its inaugural Techturized Beauty Tech Summit on Saturday, June 15th, at Georgia Tech to unlock value and drive innovation in the hair care sector. Industry leaders such as Robin D. Groover and Melissa Hibbert participated to discuss the opportunities for retailers, manufacturers, and consumers as they explore the transformative potential of technology in shaping the future of beauty and wellness.
About MYAVANA: Empowering Consumers, Inspiring Change
MYAVANA is a venture backed 12-year old beauty tech company providing data-driven insights to retailers, salons, brands, and consumers. As one of the only black-owned AI enterprises, MYAVANA takes pride in its diverse team of women in STEM who have been instrumental in shaping its success story. MYAVANA has raised $6.2M total to chart new frontiers in personalized hair care and beyond, empowering consumers and businesses by driving positive change in the beauty and health industry. For more information visit www.myavana.com.
Media Contact:
Elizabeth Byington
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