AI-Driven Haircare Myavana Raises $5.9M To Elevate Black Women’s Haircare
Myavana, a pioneering Black-led haircare technology company, has successfully raised $5.9 million in a recent funding round, bringing its valuation to $50 million, according to Forbes.
The Atlanta-based startup uses AI to offer personalized haircare solutions, focusing primarily on the needs of Black women.
Pioneering AI in Haircare
Myavana is the brainchild of computer scientist Candace Mitchell. Mitchell founded the company in 2012 with the aim of revolutionizing personal and professional textured hair care through data-driven science and technology.
With a deep understanding of the unique hair challenges of women of color and women with textured hair faces, Myavana introduced a suite of innovative textured hair care science and technology products.
The platform has garnered a significant user base, with 80% of its customers being Black women.
Myavana’s technology also attracted major players in the retail industry, leading to a recent 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 raise, led by Ulta Beauty’s venture arm, Prisma Ventures, included participation from Amazon, H/L Ventures, Reform Ventures, and New Age Capital according to Forbes.
This new capital injection is set to increase Myavana’s growth, with the company planning to expand its digital infrastructure and explore new markets, including a potential retail store in Africa.
Mitchell’s vision for Myavana extends beyond haircare as she hinted at future expansions into health-related sectors, using the wealth of data the company collects on hair conditions.
The company’s anticipated revenue of over $10 million by the end of 2024 demonstrates its robust growth and market relevance.
Feature Image Credit: Beauty Independent
