AI hair care company Myavana recently announced that they raised $5.9 million in seed funding.
With the latest announcement, the company is expected to grow by more than $10 million by the end of the year. Myavana is already valued at $50 million as they have over 50,000 subscribers, making them one of the most successful hair companies world wide. Investors include New Age Capital, BrainTrust, DUO Partners and Prisma Ventures.
Founded 12 years ago by Georgia Institute of Technology computer science graduate Candace Mitchell Harris, the business helps Black women find the right products for their hair types. Through its HairAI technology, built on the analysis of over two billion hair strands, customers get tailored product recommendations. The software breaks down strands to determine their texture and other characteristics, matching them to a hair type.
By uploading a pic of their hair on their phone to the MyHairID tool, users get hair challenges and goals for recommendations on hair products.
“We did it one by one, identifying thousands of images over the past four years. It takes a while to get to the scale to have the accuracy needed,” said Harris in conversation with Allure earlier this year. “And we’re training our system daily as people use the app. Every time those images are captured, it makes our system even more intelligent.”
The announcement that the company has collected $5.9 million in seed funding comes two months after they held their inaugural Techturized Beauty Tech Summit. Held during Atlanata tech week, the event celebrated beauty tech businesses led by Black women, providing networking opportunities and insight through panels.
The increased support for Myavana and their summit comes as the beauty tech world continues to grow. According to a report by research company Statista, revenue generated in the beauty tech field has already reached nearly $8.46 billion this year.
Between now and 2028, it’s expected to grow by approximately 5.27% each year with the U.S. expected to generate a majority of the revenue.
“This represents a highly differentiated and powerful use of AI in a vast market with few, if any, competitors,” said Karyn Schoenbart, co-founder of investor Duo Partners. “Myavana has immense potential to revolutionize the health and beauty sector—and beyond—with its unique technology. By enabling consumers to identify the right products and offering brands and retailers a novel approach to market, Myavana is poised to disrupt the industry.”
