Myavana, an Atlanta, GA-based beauty-tech company, received an investment from Ulta Beauty’s Prisma Ventures and BrainTrust Fund.
The amount of the deal was not disclosed.
The company intends to use the funds to go towards their enterprise retail expansion, including salon channels and global product distribution leveraging its consumer intelligence across the hair industry.
Founded by CEO Candace Harris, Myavana is a Black female-owned, and operated beauty tech company. It is the pioneer of HairAI™ (Artificial Intelligence Hair Strand Analysis) technology and HairSI™ (Scientific Hair Strand Analysis). By partnering with its Consumer Intelligence Data Insights, hair product manufacturers can gain insights into textured hair conditions to inform product development needs. As a B2C and B2B solution, the company’s Personalized Consumer Intelligence Data is to change how hair product purchasing decisions are made by consumers – through data personalization, and illuminate the massive data validated opportunity for more targeted textured hair relevant products and solutions by the hair care industry. With its Recommendation Intelligence, retailers can license the hair analysis technology to offer personalized hair product recommendations to shoppers online and in-store. Its Labs has analyzed over two billion hair strands, making it a database of textured hair care data.
As a key component of the strategic partnership, Ulta Beauty has unveiled a new Virtual Hair Analysis tool, which integrates MYAVANA’s HairAI™ technology and empowers guests to gain a comprehensive understanding of their hair type and receive personalized product recommendations. The tool will integrate within Ulta Beauty’s e-commerce virtual try-on experiences, innovating the way customers explore and select hair care products.
FinSMEs
02/02/2024
