MYAVANA, the trailblazer in AI-driven personalized hair care, announced it has closed a $5.9 million seed round. This funding round validates MYAVANA’s pivotal role in transforming the global hair care market.
This round was spearheaded by strategic investors who understand the AI market and MYAVANA’s impact using hair data to inform markets.
The company 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 funding round 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 many breakthroughs, with the development of the world’s first AI-driven, proprietary personalized hair care software system at its core. And hair analysis is as unique as a fingerprint and reveals a lot, including texture, type, condition, toxins and minerals in the body, illnesses, stress, medications, and diet. MYAVANA is utilizing its market leadership position and data-driven insights to impact several core areas initially.
At the heart of MYAVANA’s business model lie four distinct pillars, each leading to its rapid growth and market penetration:
1.) Strategic Retail Partnerships – MYAVANA’s real-time data analytics platform enables partners like Ulta and Amazon to drive purchases with its solution. And 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.
2.) Consumer Data Solutions – MYAVANA’s comprehensive database is valuable for hair brands and R&D companies like Unilever and BASF, which looks for 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.
3.) Personalized Hair Analysis – Unlike traditional one-size-fits-all approaches, MYAVANA provides personalized hair analysis through its technology, empowering consumers with tailored product recommendations suited to their unique hair characteristics.
4.) Scientific Intelligence Services – MYAVANA’s scientific intelligence provides access to its proprietary, providing comprehensive healthy hair care plans tailored to individual challenges and goals.
MYAVANA’s 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.
KEY QUOTES:
“A person’s hair is as unique to them as a fingerprint, and we’ve unlocked powerful, personalized 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.”
- MYAVANA CEO and Founder Candace Mitchell
“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.”
- Agustina Sartori, Sr. Director of Innovation at Ulta Beauty
“Our mandate is to seek impactful businesses with high growth potential and diverse founding teams, and MYAVANA is just such a company. Hair AI can lead to numerous commercial opportunities and even wellness insights, and we believe Candace and her team can unlock this exciting potential.”
- Oliver Libby, Managing Partner at H/L Ventures
“This represents a highly differentiated and powerful use of AI in a vast market with few, if any, competitors. 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”.
- Karyn Schoenbart co-founder of Duo Partners and former CEO of the NPD Group
