Svarmi is an Icelandic company that develops unmanned aerial vehicles for aerial photography, mapping, and specialized tasks, and also provides a nature data management platform that helps organizations build digital infrastructure for biodiversity assessment. The platform offers a data analytics pipeline that establishes consistent metrics aligned with nature-related financial disclosure frameworks, enabling rapid evaluation of infrastructure projects and bottom‑up reporting of nature impact for geologists and other stakeholders.
Hefring Marine
Grant in 2019
Hefring Marine is an Icelandic deep-tech startup based in Reykjavík that specializes in providing advanced marine solutions through its Intelligent Marine Assistance System (IMAS). This innovative hardware-enabled software-as-a-service (SaaS) platform utilizes artificial intelligence, machine learning, and the Internet of Things to deliver real-time navigation guidance for both manned and unmanned vessels. By leveraging data-driven insights, Hefring Marine's system helps operators enhance safety, reduce fuel consumption by up to 25%, and significantly lower carbon emissions. Additionally, it mitigates the risks associated with wave slamming, potentially reducing impacts by up to 70%, thereby ensuring a safer and more comfortable experience for crew and passengers. The continuous learning capability of the AI improves operational guidance over time, addressing issues of inexperience and enhancing situational awareness among operators.
Mussila is an Icelandic EdTech company specializing in creative digital learning solutions for children. Its unique Learn, Play, Create methodology engages young learners through award-winning apps focused on music education.
SagaNatura is an Icelandic biotech company that specializes in the development, production, and export of health products derived from premium Icelandic ingredients. The company focuses on the organic herb Archangelica Angelica and high-quality Astaxanthin, offering a range of consumer products that are safe, vegan-friendly, and of Icelandic origin. SagaNatura operates under two primary brands, SagaMedica, established in 2000, and KeyNatura, launched in 2014. The company aims to promote healthier lifestyles through its clean-label nutrition products, which address various health issues, including vision, skin health, energy, and concentration. By leveraging Iceland's pristine environment, SagaNatura is committed to providing high-quality health solutions that contribute to the well-being of consumers.
Trackwell Ltd, established in 1996 in Iceland, specializes in developing wireless communication solutions and is recognized for its expertise in mission-critical systems for telecom operators and government agencies. The company offers Mobile Resource Management (MRM) solutions as a software as a service (SaaS), equipping enterprises with tools to effectively manage their resources, including employees, vehicles, vessels, and other mobile assets. Trackwell's comprehensive suite of software includes fleet tracking, field workforce management, and specialized systems for fishing companies, enabling clients to gain real-time visibility into their operations. With hundreds of companies utilizing Trackwell MRM systems to oversee thousands of employees and a significant number of vehicles across various domains, the company has established itself as a leading provider in the resource management sector.
Asco Harvester
Grant in 2018
Asco Harvester produces a marine mower that mows marine vegetation by the seacoast along with cleaning waste and garbage which increasingly piles up in vulnerable places. Asco is easy to manage and has alot of safety equipment on board. Asco is solid, highly technical and has been modified by innovative developments in recent years. Asco is suitable both for water catchments and in difficult weather conditions at sea thus the Asco reaches different target groups. Asco is designed and constructed from scratch in Iceland. All types of Asco have similar characteristics, therefore most equipment can be used in various Asco types.
Fjölblendir ehf is a research and development company based in Kópavogur, Iceland, with facilities in Ireland. The company specializes in the invention and development of fuel systems and carburetors utilizing its novel Total Combustion Technology (TCT). This innovative TCT-based fuel system is specifically designed for small off-road engines (SORE), enabling them to comply with EPA phase III regulations without requiring engine modifications or the use of catalysts. Fjölblendir aims to create fuel systems that are not only straightforward to manufacture and calibrate but also generate lower emissions compared to conventional systems.
Seafood IQ is an Icelandic, award-winning Seafood-tech venture that was founded in 2015. They are seafood veterans and P.h.D level technologists that believe, by turning the complex into simple with smart technologies they can create the tools needed to increase trust, comfort, and profit within the seafood value chain.
Their team is developing the worlds’ only data platform that combines IoT/RFID, Blockchain, and artificial intelligence to create a new level of trust based on unified digital identities, real-time temperature monitoring and cryptographed background information of every box of fish that is manufactured, transported and then sold into the marketplace.
Memento Payments
Grant in 2018
Memento Ehf is a developer of a cloud-based social payment platform aimed at enhancing the relationship between banks and their customers. Founded in 2014 and based in Reykjavík, Iceland, the company provides a comprehensive software toolkit and mobile payment application that can be seamlessly integrated with existing banking infrastructures. This platform enables banks to launch wallet and peer-to-peer payment services on both iOS and Android devices, facilitating a more engaging and user-friendly banking experience. Memento's vision is to create a Social-to-Bank Relationship Platform, recognizing the importance of technology and regulatory advancements in the financial sector. By focusing on building strong, integrated relationships within consumers' social lives, Memento seeks to empower financial institutions to adapt and thrive in a rapidly evolving fintech landscape.
Fisheries Technologies
Grant in 2017
Fisheries Technologies is an Icelandic company specializing in the field of fisheries management on a governmental level. The company's main focus is on data collection procedures and related information systems.
GeoSilica is a company founded in 2012 by Fida Abu Libdeh and Burkni Pálsson, emerging from their research in energy and environmental engineering at the University of Iceland. The company focuses on producing high-purity silica derived from geothermal water at the Hellisheidi Power Plant, in collaboration with ON Energy. GeoSilica employs a unique two-step production process that enhances silica concentration without altering the water's chemical composition, ultimately replacing geothermal water with clean groundwater while maintaining silica levels. The result is a natural liquid silica supplement, introduced in 2014, which is free from additives and chemicals. These supplements are designed to offer health benefits for hair, skin, bones, and muscles, reflecting the company's commitment to utilizing Iceland's volcanic earth resources. GeoSilica continues to expand its product range with ongoing development of new offerings.
ErkiTónlist was founded in 1985 to promote creative endeavours in music, especially those that for one reason or other did not obtain commercial support.
ErkiTónlist sf has issued several LPs and CDs with experimental and theatre music, constructed the MIC database for Icelandic music – www.mic.is, produced music videos for experimental music, organized seminars for young musicians – emphasizing on computer music, initiated and organized the biannual ErkiTid – the first electronic music festival in Iceland, supported the development of CALMUS project , a computer program for musical composition, operated a studio for recording, sound design, video production and programming environment for CALMUS, and released CDs with classical as well as contemporary music.
SagaMedica, established in 2000, is an Icelandic company specializing in the manufacture of natural products derived from medicinal herbs. The company's supplements are formulated using herbs that have been traditionally used for over a millennium by Icelanders. SagaMedica sources its ingredients from Iceland’s pristine environment and employs eco-friendly harvesting methods to ensure sustainability. With a strong academic foundation, the company focuses on producing herbal remedies with proven efficacy for common health issues such as sore throats, memory support, urinary frequency, and overall vitality.
Stalsmidjan Framtak
Grant in 2017
Stalsmidjan Framtak provides automated anode fork repair system for the aluminium rodding plant. The history of Stalsmidjan ehf. extends back to the year 1933. Ship repairs and conversions have always been the mainstream of the company's operations. The first steel boat to be built in Iceland was built by Stalsmidjan in 1955, a tugboat with 1000 hp main engine, for the Reykjavík Harbour Authorities. In 1962 Stalsmidjan also built the first Icelandic steel fishing boat.
There is a long ship building tradition in the company, which has constructed and modified a total of 36 steel vessels, up to 68 meters in length. Stalsmidjan operates its own slipway in Reykjavík Harbour and a carpenter’s workshop, specialized in ship works and renovations of older woodwork. Stalsmidjan has wide experience in new buildings, improvements and maintenance work both for hydro electric power stations and steam turbine stations as well as in energy distribution systems.
Framtak ehf. was founded in the year 1988. In the year 2000 Framtak bought the company Blossi hf, and established the daughter company Framtak-Blossi ehf. This company covers specialized diesel-tuning and automotive workshops, and is authorized as "Bosch Diesel Centre" in Iceland. It also operates a retail shop and services for the metal industry. Earlier, the main focus was on the marine sector and Framtak has covered some of the largest and most complicated machinery repair and installation projects, both for Icelandic and foreign owners, but later the land-based industry and the Icelandic power industry became more important factor in the company’s activities. This change in policy lead to contracts with prime companies in the power supply sector, like Orkuveita Reykjavikur, HS Orka, and Landsvirkjun, among others, and Framtak has undertaken and overseen some of the largest and most complicated geothermal power plant projects in Iceland in the recent years.
In December 2006 Stalsmidjan bought all shares in Framtak and Framtak-Blossi ehf. and henceforth they worked closely together, with mutual office and workshop facilities in new housing in Gardabaer and a big workshop at Grundartangi. In 2013, Stalsmidjan and Framtak merged as Stalsmidjan – Framtak ehf. and is now one of the biggest company of its type in Iceland, offering a wide range of services and solutions in the machine, shipping and metal industry.
Dohop Ltd. is a technology provider based in Reykjavik, Iceland, specializing in travel and aviation solutions. Founded in 2004, the company operates a travel search engine that enables users to find the cheapest flights, hotels, and rental cars. Dohop offers customized services such as Dohop Connection Search, which is tailored for specific airlines or airports, and a flight search solution designed for airline and airport websites. The company also provides GatwickConnects, allowing passengers to book connections from different airlines through Gatwick in a single transaction. With a focus on digital innovation, Dohop develops virtual interline technology and connectivity solutions for various airlines and alliances, including easyJet, Air France, and SkyTeam, helping travelers create seamless itineraries.
Men&Mice is a network management solutions provider specializing in DNS, DHCP, and IP address management (DDI) for enterprises, service providers, and small businesses. Founded in 1990 and headquartered in Reykjavik, Iceland, the company offers a comprehensive suite of software solutions that includes DNS management modules, IP address management tools for centralized control, and DHCP management solutions that optimize existing infrastructures. Additionally, Men&Mice provides DNS analysis and monitoring tools to enhance network reliability and security. The company also offers consulting, DNS security assessments, and training services to assist clients in effectively managing their DNS, DHCP, and IP address environments. With operations in the United States and Europe, Men&Mice leverages its international expertise to address the complex challenges faced by medium to large organizations in managing their network infrastructure.
GENIS is a biotechnology company headquartered in Siglufjörður, Iceland. They strive to discover, develop and commercialize novel and life-changing products, supplements and medical devices derived from crustacean exoskeletons. The GENIS team has been developing cutting-edge research on the production of chitin, chitosan, and short chain chitosan for two decades. Their mission is to leverage this accumulated body of world-class scientific research with the intent of providing life-altering benefits for individuals.
Rafnar is a boat manufacturing company that specializes in designing and producing vessels with exceptional seakeeping performance. They cater to both passenger and crew needs, offering a range of leisure, professional, and tactical boats. Notably, they have collaborated with the Icelandic Coast Guard and Icelandic Search and Rescue Association, demonstrating their commitment to safety and reliability in challenging marine environments.
Carbon Recycling International
Grant in 2017
Founded in 2006, Carbon Recycling International specializes in producing renewable methanol using carbon dioxide, hydrogen, and electricity. Its proprietary technology enables large-scale conversion of emissions into liquid fuels and chemicals, promoting sustainability within the power generation and industrial production sectors.
Laki Power ehf is an Icelandic company established in 2015, specializing in eco-friendly power solutions through innovative research and development services. Headquartered in Reykjavik, Laki Power focuses on advanced monitoring systems for overhead power lines, employing technologies such as real-time intelligence and specialized sensors. Their grid inspection solution enhances preventive maintenance by allowing drones to charge directly on high-voltage lines, facilitating autonomous inspections in remote areas where ground crew deployment is impractical. The company also addresses critical issues like icing, wildfires, and grid congestion by providing stationary monitoring solutions at essential grid points. Through these initiatives, Laki Power aims to optimize grid capacity and improve reliability without relying on external power sources.
KeyNatura EHF. is an integrated biotech company based in Kopavogur, Iceland, specializing in the production of natural astaxanthin products. These products are designed to combat oxidative stress caused by free radicals, which can damage cell structures. KeyNatura employs a fully contained and easily controllable production process that emphasizes sustainability and utilizes renewable resources. Through extensive research and development, the company has perfected its extraction techniques from algae, resulting in highly active and stable astaxanthin with an extended shelf life. Additionally, KeyNatura collaborates with partners to develop new combination products and formulations for food supplements and nutraceuticals, ensuring high-quality delivery while minimizing contamination risks through a clean label in-house process.
Thor Ice Chilling Solutions ehf. specializes in the development and management of Slurry Ice systems designed for the rapid chilling of various food products, including fish and poultry. Established in 2002, the company has focused on innovative technology known as flow ice, which enhances the chilling process by efficiently reducing harmful bacteria in meat without the use of chemicals or pharmaceuticals. Thor Ice collaborates with scientists and food research institutes in Iceland, Denmark, and Holland to create solutions that improve the freshness, quality, and safety of food products. By facilitating effective chilling throughout the entire food value chain—from harvesting to distribution—Thor Ice aims to enhance food safety and quality while promoting environmentally friendly practices in the food processing industry.
Oxymap ehf. is an Icelandic company founded in 2002 and based in Reykjavik, specializing in imaging products and services for eye-care professionals and clinical researchers. Its flagship product, the Oxymap T1, is a non-invasive oximeter designed for assessing retinal metabolism, enabling precise measurements of retinal oxygen saturation and vessel width. The accompanying Oxymap Analyzer software enhances the capability of the device by providing detailed metabolic and structural imaging of the retina. This technology is instrumental in evaluating the pathophysiology of various common eye diseases, including retinal vascular occlusions, diabetic retinopathy, age-related macular degeneration, and glaucoma. Oxymap's products are installed as investigational devices in numerous universities across the United States and Europe, where they support clinical investigations. The company prioritizes customer feedback in the continuous improvement of its products and maintains a focus on quality through its ISO 13485-based quality management process.
Polar Fishing Gear
Grant in 2015
Polar Fishing Gear is an innovative company based in Iceland. We specialize in design, contracting, and sale of high efficient trawl doors suitable for bottom, semi-pelagic, and pelagic fishing.