Made Through its Innovation Fund Prisma, Ulta’s Investment Supports and Expands Myavana’s Use of AI Technology for Inclusive Hair Care
Ulta Beauty’s digital innovation fund, Prisma, has invested in Myavana, a beauty-tech company leveraging AI hair care technology. Candace Mitchell Harris, a tech entrepreneur who founded the company, developed the technology in 2012 to analyze hair strands and products, creating personalized hair care plans for healthy hair and growth.
As part of the strategic partnership, Ulta has introduced a new Virtual Hair Analysis tool that incorporates Myavana’s technology. This tool allows consumers to gain a comprehensive understanding of their hair type and receive personalized product recommendations. The Virtual Hair Analysis tool will be integrated into Ulta Beauty’s e-commerce virtual try-on experiences.
Agustina Sartori, senior director of digital innovation at Ulta Beauty and managing director of Prisma Ventures, stated, “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.”
Prisma Ventures, part of Ulta Beauty’s digital innovation fund, has previously invested in tech-forward companies like Hang, Luum Precision Lash, Adeptmind, Iliad, and 10Beauty.
BrainTrust Fund, which focuses on breakthrough brands led by at least one Black founder, has also strategically invested in Myavana alongside Prisma Ventures. The funds raised will be utilized to expand the AI technology in retail, including salon channels, and for global product distribution, leveraging consumer intelligence across the hair industry.
Candace Mitchell Harris, the founder of Myavana, expressed excitement about the investment, 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.”
