Ulta Beauty’s digital innovation fund, Prisma, has recently invested in Myavana, a beauty-tech company renowned for its AI-driven hair care technology. Developed by tech entrepreneur Candace Mitchell Harris in 2012, this innovative technology analyzes various factors related to hair strands and hair products, creating personalized hair care plans aimed at promoting healthy hair and growth.
As part of this strategic partnership, Ulta Beauty introduces the Virtual Hair Analysis tool, leveraging Myavana’s technology. This tool empowers consumers to gain a comprehensive understanding of their hair type and receive personalized product recommendations. Integrated into Ulta Beauty’s e-commerce virtual try-on experiences, the tool marks a significant step towards enhancing the digital beauty retail experience.
Agustina Sartori, Senior Director of Digital Innovation at Ulta Beauty and Managing Director of Prisma Ventures, expressed enthusiasm for supporting technologies that redefine beauty experiences. “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.”
The investment comes as part of Prisma’s ongoing commitment to fostering innovation in the beauty industry. Previous investments by Prisma include Hang, Luum Precision Lash, Adeptmind, Iliad, and 10Beauty, showcasing a dedication to supporting breakthrough brands.
BrainTrust Fund, focusing on breakthrough brands led by at least one Black founder catering to the majority, also strategically invested in Myavana alongside Prisma Ventures.
The funds raised will be utilized to expand Myavana’s AI technology into retail, including salon channels, and global product distribution, leveraging the company’s consumer intelligence across the hair industry. Candace Mitchell Harris expressed excitement about the partnership, stating, “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.” This collaboration reflects Ulta Beauty’s commitment to driving innovation and inclusivity in the beauty space through cutting-edge technology.
