Ulta Beauty’s digital innovation fund Prisma has invested in Myavana, a beauty-tech business that uses AI hair care technology.
Tech entrepreneur and founder Candace Mitchell Harris developed the technology in 2012 to analyze the variables of hair strands and hair products to produce personalized hair care plans meant to support healthy hair and hair growth.
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As a component of the strategic partnership, Ulta has unveiled a new Virtual Hair Analysis tool, which integrates Myavana’s technology and enables consumers 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.
“We’re always looking to support and invest in technologies that will pave the path forward for the world of beauty — especially those with like-minded values aiming to innovate the space through an inclusive lens,” said Agustina Sartori, senior director of digital innovation at Ulta Beauty and managing director of Prisma Ventures.
“Candace’s visionary approach to digitizing beauty experiences for all hair types, including textured hair, is incredibly unique, and we’re thrilled to collaborate with Myavana on their mission to open new doors for more guests through hair analysis technology.”
Previously, Prisma has made investments in Hang, Luum Precision Lash, Adeptmind, Iliad and 10Beauty.
Additionally, BrainTrust Fund, which invests in breakthrough brands led by at least one Black founder that serves the majority, also made a strategic investment in Myavana alongside Prisma Ventures.
The funds will go toward expanding the AI technology at retail, including salon channels, and global product distribution leveraging the company’s consumer intelligence across the hair industry.
Of the investment, Harris said: “Through our personalized hair care technology that will innovate and elevate our shopping experiences, we’re excited to bring to market better identification and understanding of our unique hair strands and unique hair journeys while partnering with the nation’s largest beauty retailer that prioritizes innovation and inclusion.”
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