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
elizabeth.byington@sparkpr.com
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SOURCE MYAVANA