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Friday, January 27, 2023

Icelandic startup Driftline raises $800K seed to revolutionize the future of fitness analytics

Reykjavik-based startup Driftline has raised $800K in a seed round, $350K of which were from Icelandic investors and $450K in grants from public research funds. The app offers a patent-pending technology that allows new and professional sports people to access heart rate analytics in the use of their training and performance analysis. Driftline will use the funding to improve its product and is hunting for more to take its product to the market.

Driftline was founded in 2018 by Agnar Steinarsson and Steinar Agnarsson to develop software solutions for heart rate analysis. Arnar Pétursson, one of Iceland’s well-known runners and running coaches, joined this father-son team a year later. Arnar, who also has a book on running, also specializes in Economics, Corporate Finance, Auditing and Accounting.

The father and son team founded Driftline in 2018, mainly developing software solutions for heart rate analysis. Driftline’s third founder, Arnar Pétursson, joined Driftline in 2019. Arnar is one of Iceland’s best-known runners and running coaches and holds undergraduate degrees in Economics and master’s degrees in corporate finance, auditing, and accounting. He wrote a best-selling book on running, published in 2019.

Driftline has received public research funding from the Icelandic Research Council (IRC) since 2018 and acquired private financing in early 2021.

Driftline’s international PCT patent application to the European Patent Office (EPO), was approved in June 2021 and is currently pending in 153 countries. The patent application provides the first test method to correctly identify all exercise thresholds and the first physiologically sound definition of aerobic endurance on a scale of 0-100%.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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