Strive Tech

"Smart" Performance Monitor For Athletes

Company Information

Website:

http://www.wearstrive.com

Sector:

Application & Data Integration Software, Athletics

Location:

Seattle, WA

Strive Tech helps athletes monitor their performance through integrated, “smart” wearables.

Its first product is a "smart" belt buckle that works with your existing clothing to measure body indicators such as muscle action, heart rate, and motion.

This is the first product in the market that can monitor all three indicators simultaneously. The data, gathered in real-time, enables users to evaluate their performance and fatigue levels, helping them to perform better and longer with a higher level of safety.

Unlike other companies that produce “smart” clothing, Strive Tech’s product enables anyone to upgrade their current athletic wear into “smart” wear.

The company is initially targeting college and professional athletes. Today, there are approximately 460,000 college athletes and 15,000 professional athletes. The company values each athlete at $3,000, presenting a $1.4 billion market opportunity.

According to company research, improving athletic performance requires a combination of training and recovery. But most athletes and consumers don’t have the ability to measure and monitor their body's indicators. This results in unnecessary and preventable injuries, as well as billions of dollars in lost revenue for the athletic industry.

Strive Tech provides a solution for these demographics with its “smart” belt buckle.

During a workout, data is collected in real-time and presented on a mobile device. This enables users to quickly receive reports and check the status of their health and performance.

Following the workout, Strive Tech’s accompanying software program automatically generates reports for players, groups, and teams. Reports can be shared with players and used to analyze the effectiveness of training.

Strive Tech's team includes 10 professional and college coaches focusing on creating the most effective product for athletes.

The company's technology is used by nine NCAA athletic programs, including the University of Tennessee and the University of West Florida. In addition, the company has a sales funnel of 75 NCAA, NFL, and NBA teams waiting to use its product.

The cost to attract and sign up each team is $3,500, and each team's lifetime value is $75,000.

The company’s initial revenue source is selling its hardware and software. As it gains traction, Strive Tech will shift its main revenue source to data. This data will be aggregated, analyzed, and then sold to athletes, apparel brands, and consumers.

Once Strive Tech has achieved success in the athletic industry, it aims to expand by targeting 3 additional markets: Military, Consumer, and Medical/Industrial. Each of these presents a massive opportunity — for example:

The Military/Homeland Security market is comprised of 1.1 million military members, 350,000 firefighters, and 50,000 police officers. With each member valued at $2,000, the total market value is $1.1 billion…

The Consumer market includes 25 million people who Strive Tech considers “advanced consumers.” These are people who exercise at least 5 times per week, are focused on tracking performance, and use at least one other method to monitor their progress. Each consumer is valued at $275, presenting a $6.9 billion market…

And the Medical/Industrial market consists of 50 million chiropractic and physical therapy providers, warehouse workers, and industrial technicians. Each customer is valued at $275, creating a $13.8 billion market.

Strive Tech aims to start targeting these markets in 2019. At the same time, the company aims to position itself as an acquisition target for a larger consumer brand such as Nike, Under Armour, or Adidas.

Team Background

Carsten Winsnes - Co-Founder & COO

Carsten brings extensive technical experience to Strive Tech.

He formerly served as a software engineer for C-SATS, a company that developed a performance management system for evaluating technique in healthcare professionals.

He previously co-founded Savvy Inc., a mobile ordering system for carryout and dine-in restaurants.

For more than two years, Carsten served as Director of Operations for Neos-SDI, a global business and technology consulting firm.

He previously served as a developer for Planet Technologies, a software company.

He earned a Bachelor’s degree in Computer Science from Worcester Polytechnic Institute.

Nikola Mrvaljevic - Co-Founder & CEO

Nikola is a former professional athlete, which enabled him to experience first-hand the benefits of understanding performance metrics.

In addition to his athletic background, he worked for seven years at Fluke Corporation, a manufacturing company specializing in electronic testing equipment. While there, he served as Senior Product Innovation Manager, focusing on developing hardware and software products.

He previously served as a graduate researcher at the University of Rhode Island, and was formerly a design engineer intern with AstroNova (NASDAQ: ALOT).

Nikola earned a Bachelor’s and Master’s degree in Electrical Engineering from the University of Rhode Island, and an MBA from the University of Washington.

Quinn Abrahams-Vaughn - Firmware Engineer

Quinn previously served as a controls engineer for Electroimpact, a manufacturing company. While there, he helped develop robotic systems, focusing on setup and programming.

He spent two years as a research assistant at Rensselaer Polytechnic Institute, focusing on developing a math-based educational program for students.

He earned a Bachelor’s degree in Electrical Engineering from Rensselaer Polytechnic Institute and a Master’s in Electrical Engineering from the University of Washington.

Justin Warren - Director of Accounts

Before joining Strive Tech, Justin served as Director of Operations for C-SATS, where he worked with teammate Carsten Winsens.

In addition, he previously served as a member of the Board of Advisors for the University of Washington Center for Commercialization.

For more than five years, Justin served as a project manager for Robinson Construction Co. While there, he managed small- and large-scale commercial construction projects totaling more than $100 million in value.

Co-Investors

Raising
$107K
Committed
$22.899K (21%)
Current Valuation
$5 million Cap / 20% Discount
Min. Investment
$100
Deal Type
Title III
(For all investors)
Offering Type
Convertible Debt
Finance History
Notable Investors
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