Tyme Wear raises approx. $1.4m (200m ISK) from the New Business Venture Fund
Tyme Wear has secured approximately 200 million ISK (~$1.4m) in funding led by the New Business Venture Fund. Tyme Wear is an Icelandic and US-based startup developing a wearable fitness technology that helps athletes personalize their training by accurately measuring their fitness thresholds from their breathing.
“This funding will help us finalize the development of our technology, and bring it to market,” said Arnar Lárusson, founder and CEO of Tyme Wear. “One of the biggest challenges athletes face, whether you’re an Olympian or training for your first 5km race, is how to combine the right intensity, duration, and frequency in order to improve while avoiding injury and overtraining. In the US alone, there are $9 billion a year spent on solving this problem, with no great solutions. It’s a great honor for us to have the New Business Venture Fund and our other investors join us in tackling this problem.”
Tyme Wear consists of a smart workout shirt and phone app that work together to create on-demand performance lab-quality insights. Soft sensors are integrated into the clothing in order to measure the wearers breathing and body movements 250 times per second, while algorithms analyze the data for insights that get displayed on the app.
Testing will continue this summer. The company expects they will start marketing and selling the product on a subscription basis in Europe next year, with the operation managed from Iceland.
“Tyme Wear is an exciting startup which we really believe in. It’s great to see Icelandic ingenuity being used to improve the training and performance of athletes. Improvements and technical innovations are increasingly important for the sports industry and it’s great to see new technical knowledge being developed. It’s clear that the technology offers many opportunities related to online and remote training, which will continue to see impressive gains in popularity,” states Friðrik Friðriksson, CFO of the New Business Venture Fund.
