Architect and designer Óli Jóhann Ásmundsson was born in Reykjavík in 1940. He completed both his college studies and apprenticeship as a carpenter in 1961. He earned a Diploma in Architecture from the University of Nottingham in England in 1967.

He worked for the first three years after graduation at the City of Reykjavík Planning Department and has worked independently since. Although he has designed a number of houses in Reykjavík, Ásmundsson is perhaps best known for his partitioning systems marketed under the Mát imprint from 1978 to 1992. In 1995 Ásmundsson started designing furniture and in 2000, his design for a multipurpose folding chair, known as the Delta Chair, was selected for the Icelandic pavilion at the Expo in Hanover, Germany, which resulted in a substantial presentation of Ásmundsson's furniture in the respected design magazine Moebel Interior Design. Ásmundsson was invited to exhibit his collapsable furniture at the Icelandic Museum of Design and Applied Arts in 2002 and in 2007 he was invited by the Reykjavík Art Museum to exhibit his work "Meditation on Furniture" at Kjarvalsstaðir Art Museum in Reykjavík.
His furniture design can be found in the collections of museums in four countries: Kunstindustrimuseet in Oslo, Kunstwerbe-Museum in Berlin,The Museum of Applied Arts in Vilnius and the Icelandic Museum of Design and Applied Arts.