Personal Hair Care Pioneer Innovating $83BB
Global Hair Care Market with B2B, B2C, and B2R Solutions
ATLANTA, Aug. 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
elizabeth.byington@sparkpr.com
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SOURCE MYAVANA