Myavana, a groundbreaking Black-owned hair care technology company, successfully raised $5.9 million in a recent funding round, bringing its valuation to $50 million, according to Forbes.
Founded by Candace Mitchell, the Atlanta-based startup uses AI to offer personalized hair care solutions, with a particular focus on the needs of black women.
Groundbreaking AI in hair care
Myavana is the brainchild of computer scientist Candace Mitchell Harris.
Harris founded the company in 2012 with the goal of revolutionizing personal and professional structured hair care through data-driven science and technology.
With a thorough understanding of the unique hair problems faced by dark-skinned women and women with textured facial hair, Myavana has launched a range of innovative scientific and technological products to care for textured hair.
The platform has built a significant user base; 80% of its customers are black women.
Myavana’s technology also attracted major players in retail, recently leading to a partnership with Ulta Beauty.
This partnership integrates Myavana’s AI hair analysis technology into Ulta’s e-commerce platform.
Significant funding and growth
The $5.9 million fundraise, led by Prisma Ventures, the venture capital arm of Ulta Beauty, also included participation from Amazon, H/L Ventures, Reform Ventures and New Age Capital, according to Forbes.
This new capital injection is intended to boost Myavana’s growth as the company plans to expand its digital infrastructure and enter new markets, including potentially a retail business in Africa.
Mitchell’s vision for Myavana goes beyond hair care and hinted at a future expansion into health-related areas, leveraging the wealth of data the company collects on hair condition.
The company’s expected revenue of over $10 million by the end of 2024 demonstrates its robust growth and market relevance.
Photo credit: Beauty Independent
