MYAVANA Hosts Inaugural Beauty Tech Summit and Announces Funding

Personalized Hair Care Pioneer Innovating $83BB Global Hair Care Market

ATLANTA, Aug. 9, 2024 /PRNewswire/ -- MYAVANA, the trailblazer in AI-driven personalized hair care, announced today it has just closed a $5.9 million seed round led by Ulta Beauty's Digital Innovation Fund and hosted its inaugural Beauty Tech Summit last month. This infusion of capital underscores MYAVANA's pivotal role in revolutionizing the global hair care market, which is projected to reach $113 billion by 2031. This round of funding will accelerate MYAVANA's unique market position, pioneering personalized hair care under the visionary leadership of its founder, Candace Victoria Mitchell.

MYAVANA's journey over the past 12 years has been marked by scientific research and breakthrough innovations, with the development of the world's first AI-driven, proprietary personalized hair care software system at its core, eliminating the repetitive trial and error for consumers. The company introduced the Unique Hair ID comprised of 972+ hair type combinations which disrupts the current hair typing system and reveals a more diverse range of customer hair profiles to cater to globally. The company's tagline: "your hair is as unique as your fingerprint" reveals so much more about us: texture, type, condition, and on the health side, toxins and minerals in the body, early detection for chronic illnesses, stress indicators, and diet suggestions.  Their first publication The Definitive Healthy Hair Care Guide aims to re-educate the market and demystify common trends found on the Internet. MYAVANA is leveraging its market leadership position and data-driven insights to establish its business as the authority of the hair industry.

Inaugural Techturized Beauty Tech Summit: Driving Industry Transformation during Atlanta Tech Week https://www.techturized.com/ 

MYAVANA celebrated its 12th anniversary by hosting its inaugural Techturized Beauty Tech Summit on Saturday, June 15th at the Georgia Tech Klaus Advanced Computing Building, to unlock value and drive innovation in the hair care sector with its strategic partners and beauty tech enthusiasts. The Summit featured an AR experience and interactive product demos for every sector of the hair industry. Business leaders from Groove Global, Braintrust Founders Studio, UPS, and more gathered to discuss the opportunities for retailers, manufacturers, distributors, salons, and consumers. Beauty industry veterans such as Robin D. Groover, Melissa Hibbert, Claire Sulmers, and Mimi Johnson explored the transformative potential of technology in shaping the future of hair, beauty, wellness, retail, and fashion. Global social impact leader La'Kerri Jackson shared the economic empowerment social impact MYAVANA has with its first retail store opening in Uganda to open up product distribution channels in Africa. The company shared its advancements in opening new career paths for women in STEM through its Beauty Tech Fellowship Program and announced a new brand ambassador, singer and songwriter Serayah, who will aid in cultivating community in MYAVANA's mobile app, which serves as a concierge for consumers on their hair journey. To watch the virtual rebroadcast, sign up here.

HairAI™: 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 consumers with instant product recommendations tailored to their specific needs. "A person's hair is as unique as their fingerprint and we've unlocked powerful, personalized insights with our AI platform," said MYAVANA CEO and Founder Candace Victoria 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 to transform the hair industry and create personalized consumer journeys."

Four Business Lines Driving Growth and Innovation

At the heart of MYAVANA's business model lie five distinct pillars, each contributing to its rapid growth and market penetration through licensing and partnership under the initiative "powered by MYAVANA":

• 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 hair health challenges and goals.
• Strategic Retail Partnerships: MYAVANA's recommendation intelligence enables retail enterprise partners such as Ulta and Unilever to drive personalized hair product purchases with its HairRI™ API integrations. MYAVANA has also forged collaborations with the National Black-Owned Beauty Supply Association and BrainTrust Founders Studio to introduce a Retail Innovation Academy facilitating personalized HairAI™ technology distribution and guidance through beauty supply stores across the globe.
• Business Data Solutions: MYAVANA's comprehensive HairCl™ database serves as a valuable resource for product manufacturers and ingredient suppliers seeking actionable market research and consumer insights to enhance their offerings. MYAVANA Labs has analyzed over two billion hair strands, making it the world's largest database of textured hair care data. The company aims to work with all hair product manufacturers to support R&D initiatives for product development and target marketing for a wider range of customer segments that boost sales accordingly.
• Salon Success Solutions: MYAVANA's new HairScope™ and Pro+ software and puts the power of its HairAI™ technology in the hands of stylists to provide hair & scalp analysis in-salon and generate personalized healthy hair care plans for their clients, which will grow their retail revenue through its recommendation system. MYAVANA has partnered with expert cosmetologist Robin D. Groover, founder of Too Groovy Hair Salons, to introduce a Salon Success Academy that powers salons of the future through innovating and elevating the client experience with technology.

About MYAVANA: Empowering Consumers, Inspiring Change

MYAVANA is a venture-backed beauty technology company providing data-driven hair care insights to retailers, salons, brands, and consumers. As one of the only Black-owned beauty tech 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 since the inception of the business to chart new frontiers in personalized hair care and beyond, empowering consumers and businesses by driving positive internal and external change in the beauty and wellness industry.

Candace Mitchell founded MYAVANA in beta in 2012, researching and developing proprietary hair care technology that analyzes the variables of hair strands and hair products to produce personalized hair care plans that support healthy hair care throughout a consumer's hair journey. As a graduate of Georgia Tech, she brings over 18 years of experience in computer science to MYAVANA. Candace is the 2023 BeautyMatters Innovator of the Year, Forbes 30 Under 30 honoree, WWD Top 50 Beauty Innovator, BET Honors STEM Award winner, Sephora Accelerate fellow, and recent Georgia Tech College of Computing Hall of Fame inductee. Candace's work has been featured nationally on Cheddar News, CNN, CNBC, Marie Claire, ESSENCE, Inc. Magazine, Black Enterprise, Business Insider, and more.

For more information visit www.myavana.com or follow @MYAVANAHairCare

Media Contact:
Elizabeth Byington
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SOURCE MYAVANA