Myavana, a pioneering Black-led hair care technology company, raised $5.9 million in a recent funding round, valuing it at $50 million, according to Forbes.
The Atlanta-based startup uses AI to provide personalized hair care solutions primarily focused on the needs of Black women.
Pioneer of AI in hair care
Myavana is the brainchild of computer scientist Candace Mitchell. Mitchell founded the company in 2012 with the goal 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 those with coarse hair, Myavana has introduced a series of innovative coarse hair care science and technology products.
The platform has a large user base, with 80% of its customers being black women.
Myavana’s technology has also attracted some of the biggest names in retail, recently leading to a partnership with Ulta Beauty.
The partnership will integrate Myavana’s AI hair analysis technology into Ulta’s e-commerce platform.
Significant funding and growth
The $5.9 million raise was led by Prisma Ventures, Ulta Beauty’s venture arm, and included participation from Amazon, H/L Ventures, Reform Ventures and New Age Capital, according to Forbes.
This new capital injection will accelerate Myavana’s growth as the company plans to expand its digital infrastructure and explore new markets, including the potential for retail stores in Africa.
Mitchell’s vision for Myavana goes beyond hair care, as he hinted at future expansion into health-related fields by leveraging the wealth of data the company collects on hair conditions.
The company’s revenue is expected to exceed $10 million by the end of 2024, demonstrating its strong growth and market relevance.
Feature image credit: Beauty Independent
