Innovation, Startups and Venture Capital in Iceland

Evolytes raises a $520,000 seed round led by NSA Ventures

Icelandic EdTech startup Evolytes has secured a $520,000 financing round led by NSA Ventures. Evolytes has developed a comprehensive learning solution that teaches children mathematics fast and effectively in a fun and engaging way. It is based on research and theories in psychology to speed up student skill acquisition. The system includes an educational game for tablets, study books and an information portal for teachers and parents. Combined, the three products create data-driven software that reads and analyses children’s proficiencies in real-time and adjusts the study material to their level to maximize their progress.

“NSA Ventures is glad to work with a company creating important solutions that facilitate better education for children in the future,” said Huld Magnúsdóttir, CEO at NSA Ventures.

Mathieu Skúlason, founder and CEO at Evolytes says the investment will be used to fuel growth and development and goes on to say that “This investment gives us the opportunity to achieve a technological advantage and speed up our go-to-market throughout Europe.”

In-game screenshots

The Evolytes system was released in the middle of 2020 and has since then been growing steadily on the private market as well as being adopted into 40 schools all over Iceland with 2500 students using the system regularly.

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