Personal hair care pioneer revolutionizes the $83 billion global hair care market with B2B, B2C and B2R solutions
ATLANTA, 9 August 2024 /PRNewswire/ — MYAVANAthe pioneer in AI-powered personalized hair care, has just launched a 5.9 million US dollars Seed round. This capital injection underlines MYAVANA’s central role in revolutionizing the global hair care market, which is expected 113 billion US dollars by 2031. It is led by strategic investors who understand the AI market and the impact of MYAVANA and use hair data to inform the market. Investors include Prisma Ventures (Ulta’s innovation fund), H/L VenturesNew Age Capital, BrainTrust, Duo Partners, REFASHIOND Ventures, Resilient Ventures, Amazon, Reform Ventures and NGC Capital. This funding round will accelerate the unique market position of MYAVANA, which is pioneering personalized hair care under the visionary leadership of its founder. Candace Mitchell.
MYAVANA’s journey over the past 12 years has been marked by groundbreaking innovation, 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, diseases, stress, medications and diet. MYAVANA is leveraging its market-leading position and data-driven insights to impact several core areas initially.
Four business areas for growth and innovation
At the heart of MYAVANA’s business model are four different 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 track purchases with their Hair RI solution. MYAVANA has also partnered 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 HaarCl The database is valuable to hair brands and R&D companies like Unilever and BASF looking for actionable consumer insights to improve their offerings. MYAVANA hopes to work with all hair care manufacturers to help them understand exactly who their target customers are and increase sales accordingly.
- Personalized Hair Analysis: Unlike traditional one-size-fits-all approaches, MYAVANA offers personalized hair analysis through its Hair care products™ Technology that provides consumers with tailored product recommendations tailored to the individual characteristics of their hair.
- Scientific Intelligence: MYAVANA’s scientific information provides access to the company’s proprietary HairSI™ Strand Analysis Kitoffers comprehensive healthy hair care plans tailored to individual challenges and goals.
Hair AI: Personalized hair care redefined
MYAVANA’s groundbreaking HairAI™ The technology uses microscopic hair analysis and advanced algorithms to decipher the intricacies of hair texture, type and condition and provide retailers, consumers and salons with instant product recommendations tailored to their specific needs. “A person’s hair is as unique as a fingerprint, and we have uncovered powerful, personalized insights using our AI platform,” said CEO and Founder of MYAVANA Candace Mitchell. “Hair is the longest record of your body’s health, providing information about a person’s health and needs for up to a decade. I am grateful to our investors who recognize the long-term potential and share our mission.”
“This is such a differentiated and powerful use of AI in a huge market with few competitors,” said Agustina SartoriSr. Director of Innovation at Ulta Beauty. “MYAVANA has great potential to not only impact the health and beauty sector, but also have a profound impact far beyond cosmetic concerns.”
“Our mission is to find influential companies with high growth potential and diverse founding teams, and MYAVANA is just such a company,” said Oliver LibbyManaging Partner at H/L Ventures. “Hair AI can lead to numerous commercial opportunities and even insights in the wellness space, and we believe Candace and her team can unlock this exciting potential.”
“This represents a highly differentiated and powerful use of AI in a huge market with few or no competitors,” said Karyn Schoenbart Co-founder of Duo Partners and former CEO of NPD Group. MYAVANA has enormous potential to revolutionize the health and beauty sector – and beyond – with its unique technology. By empowering consumers to find the right products and offering brands and retailers a novel approach to market, MYAVANA is poised to disrupt the industry.”
Opening ceremony Techturized Beauty Tech Summit: Driving the transformation of the industry
To mark its 12th anniversary, MYAVANA hosted its first Techturized Beauty Tech Summit on Saturday, June 15at Georgia Tech Institute to unlock value and drive innovation in the hair care sector. Industry leaders such as Robin D. Groover And Melissa Hibbert attended 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 12-year-old venture-backed beauty tech company that provides data-driven insights to retailers, salons, brands and consumers. As one of the few black-owned AI companies, MYAVANA is proud of its diverse team of women in STEM who have been instrumental in shaping its success story. MYAVANA has 6.2 million USD total aims to push new boundaries 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.
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Elizabeth Byington
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SOURCE MYAVANA
