AI-driven personalized hair care brand MYAVANA has raised $5.9 million in seed funding. 

This latest investment led by investors including Prisma Ventures (the innovation fund of Ulta), H/L Ventures, and Amazon,. The capital injection will advance MYAVANA’s HairAI technology using microscopic hair analysis and advanced algorithms to “decode the intricacies” of hair texture, type and condition.

Launched in 2012, MYAVANA a beauty tech company providing data-driven insights to retailers, salons, brands, and consumers. Its HairAI™ technology uses 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 co-founder and CEO 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.”

“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.”

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“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 the market, MYAVANA is poised to disrupt the industry”.

The new capital injection is set to increase the company’s growth. The Atlanta, GA-based company plans to expand its digital infrastructure and explore new markets, including a potential retail store in Africa.

More About Myavana

Since its launch, MYAVANA has done well in the market, especially among Black women, who make up 80% of its customer base. According to Forbes, its mobile application, Myavana AI, has 50,000 subscribers, and in January 2024, the company secured a retail partnership with Ulta Beauty. 

The company has also collaborated with the National Black-Owned Beauty Supply Association and Braintrust Founders Studio, facilitating distribution to over 1,000 retailers and salons.

According to Forbes, the haircare company is expected to earn over $10 million by the end of 2024. Its valuation has also reportedly soared to $50 million, an increase of $30 million from 2021.

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In celebration of its 12th anniversary, MYAVANA hosted its inaugural Techturized Beauty Tech Summit on June 15th at Georgia Tech to unlock value and drive innovation in the hair care sector. 

Industry giants 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.

Co-Founder & CEO, MYAVANA Candace Mitchell Harris (second to the left) with Brand Ambassadors: Keri-Hilson, Letoya-Luckett, Eudoxie Bridges: Image Credit: Myavana

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