Myavana raises 5.9 million US dollars to drive hair innovation

US-based Myavana, a pioneer in Black-led AI-driven personalised haircare technology, has closed a 5.9 million US dollar funding round led by Prisma Ventures, Ulta Beauty's innovation fund.

Other backers in the round included H/L Ventures, New Age Capital, BrainTrust, Duo Partners, REFASHIOND Ventures, Resilient Ventures, Amazon, Reform Ventures, and NGC Capital.

The Atlanta-based startup, founded by Candace Mitchell in 2012, has developed a proprietary AI-driven personalised haircare software system, including hair strand analysis and the world’s largest database of textured hair care data.

Myavana said in a statement that the infusion of capital underscores its role in “revolutionising the global hair care market,” which is projected to reach 113 billion US dollars by 2031, to help it accelerate its “unique market position” and personalised data-driven hair insights for retailers, salons, brands, and consumers.

AI-driven haircare tech company Myavana secures investment from Ulta Beauty's innovation fund

At the heart of its innovations is its HairAI technology, which utilises 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.

Candace Mitchell, chief executive and founder of Myavana, said: "A person's hair is as unique to them as a fingerprint, and we've unlocked powerful, personalised insights with our AI platform.

"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."

Its 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.

Agustina Sartori, senior director of innovation at Ulta Beauty, added: "This is such a differentiated and powerful use of AI in an enormous market with few competitors. 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."