New Business Venture Fund

ArcanaBio develops advanced diagnostics systems that enable low cast, rapid and scalable biomonitoring for health & wellbeing using biophotonics and AI

Sundra is a technology company specializing in video editing automation. It offers an AI-driven platform that streamlines the editing process for large events, such as conferences, by automating time-consuming tasks. This enables businesses to efficiently create and repurpose video content for marketing campaigns.

HorseDay is a specialized training program designed for horse owners, trainers, and enthusiasts. It offers a comprehensive equestrian app that allows users to manage and store all pertinent data related to horse riding. The application functions as a digital training diary, featuring an extensive library of recognized training methods presented through text, images, and videos. It provides the opportunity for owners of Icelandic horses, as well as trainers and riding instructors, to create detailed profiles for their horses. Additionally, the platform facilitates connections and communication among users, fostering a community of equestrian participants globally.

Spectaflow offers integrated SaaS solutions to the hotel and accommodations industry. One of the most difficult and time-consuming aspects of hospitality management, managing deskless workforces in hotel and vacation rental operations is the focus of Spectaflow. Spectaflow mitigates staffing issues, and interdepartmental miscommunications, and improves cleaning and maintenance workflows for significantly improved guest services and experiences. The company does this by strategically integrating with existing systems and utilizing AI for predictive planning.

PayAnalytics is a developer of compensation analytics software that specializes in helping organizations identify and address pay disparities, specifically those related to gender. The company's software offers payroll analysis tools that empower clients to measure and close compensation gaps across different demographics. By providing insights into salary data over time, PayAnalytics ensures that clients can effectively monitor their progress and maintain equitable pay practices, thereby promoting transparency and fairness in compensation.

Evolytes is an educational platform focused on improving children's learning outcomes by integrating interactive elements such as games and literature. It employs research and psychological theories to engage students effectively. The platform features a mobile game and a written textbook, allowing children to scan QR codes at the end of each chapter to access quizzes and earn rewards. Additionally, Evolytes includes a monitoring web application that provides real-time insights into a child's performance, enabling parents and teachers to track progress, strengths, and areas for improvement, thereby fostering a more tailored educational experience.

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.

3Z Pharmaceuticals provides research services intended to provide drug development services. It offers drug screening on sleep and epilepsy assays that helps in the development of drugs used to treat neurological disorders, enabling patients to get multiple drug efficacy and toxicity assays. Karl Karlsson and Haraldur Thorsteinsson founded 3Z Pharmaceuticals in 2008. It based their company on their research on the sleeping patterns of the zebrafish at the Reykjavik University Neurolab in 2006.

Tyme Wear is a developer of innovative sports apparel that specializes in smart shirts designed to enhance athletic performance. The company's products utilize advanced wearable technology, incorporating soft sensors that monitor performance metrics and breathing patterns. By analyzing this data through sophisticated algorithms, Tyme Wear provides athletes with insights into their metabolic profiles and stamina. This information is accessible via a user-friendly interface on smartphones or computers, allowing athletes to personalize their training regimens effectively. Tyme Wear aims to democratize access to accurate performance data, empowering athletes to push their physiological limits and improve their training methods.

PayAnalytics is a developer of compensation analytics software that specializes in helping organizations identify and address pay disparities, specifically those related to gender. The company's software offers payroll analysis tools that empower clients to measure and close compensation gaps across different demographics. By providing insights into salary data over time, PayAnalytics ensures that clients can effectively monitor their progress and maintain equitable pay practices, thereby promoting transparency and fairness in compensation.

Florealis is a pharmaceutical company specializing in herbal medicines and medical products aimed at promoting health and well-being. The company offers a diverse range of registered herbal products that address various health concerns, including anxiety, sleep disorders, urinary tract infections, gynecological issues, and gastrointestinal complaints. Florealis focuses on utilizing active natural ingredients that are approved by health authorities, ensuring that its medicines are both effective and safe for patients. Through its commitment to providing accessible solutions, Florealis aims to help individuals manage common health issues and improve their overall quality of life.

Kara Connect ehf. is a telepractice platform based in Reykjavík, Iceland, founded in 2014. The company specializes in connecting service providers in healthcare and education with patients and organizations seeking professional assistance. By offering a customized wellness hub, Kara Connect enables employees to access high-quality coaching, counseling, and therapy services tailored to their specific needs. The platform facilitates interactions with various professionals, including therapists and educators, and operates across multiple countries. Kara Connect aims to enhance access to essential services in the health and education sectors, empowering individuals to reach their full potential.

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.

Lauf Forks Ltd. is a manufacturer based in Reykjavík, Iceland, specializing in the design and production of ultra-lightweight suspension bicycle forks. Founded in 2011, the company focuses on creating innovative suspension solutions tailored for various types of bicycles, including XC hardtails, fat bikes, gravel bikes, and cyclocross bikes. Lauf Forks distributes its products both online and through a network of dealers and distributors, serving customers in Iceland and internationally. The company's commitment to quality and performance has positioned it as a notable player in the cycling industry.

Ankeri is a company that specializes in developing cloud-based software solutions aimed at enhancing ship performance, particularly in relation to charter parties, or contracts. Founded on December 1, 2016, Ankeri boasts a team with over 25 years of combined experience in marketing, designing, and developing software products tailored for the shipping industry. The company’s software provides a comprehensive online dashboard that monitors ship performance profiles and time-charter party performance, allowing ship owners and charterers to easily access and share validated information. This facilitates data-driven decision-making and contributes to improved performance outcomes within the circular economy.

Florealis is a pharmaceutical company specializing in herbal medicines and medical products aimed at promoting health and well-being. The company offers a diverse range of registered herbal products that address various health concerns, including anxiety, sleep disorders, urinary tract infections, gynecological issues, and gastrointestinal complaints. Florealis focuses on utilizing active natural ingredients that are approved by health authorities, ensuring that its medicines are both effective and safe for patients. Through its commitment to providing accessible solutions, Florealis aims to help individuals manage common health issues and improve their overall quality of life.

Valka is a manufacturer of advanced equipment designed for fish processing. The company produces high-quality hardware and software solutions aimed at enhancing productivity through innovative technologies. Their product portfolio includes whole-fish grading systems, X-ray-guided cutting and portioning systems, packing technology, feed-dispersing systems, and inventory control. Valka's team consists of experienced individuals from the technical side of the seafood industry, committed to solving mission-critical problems promptly and efficiently. The company holds five patents with more pending, reflecting its dedication to innovation and creativity. Led by CEO Helgi Hjálmarsson, Valka is focused on long-term customer service, continually improving products to meet client needs and expanding its international customer base.

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.

Mint Solutions develops MedEye, a solution for medication and patient safety in hospitals and other healthcare institutions. MedEye helps nurses verify and document all medication administrations to patients. The solution uses computer vision technology to enable the nurse to work faster and more efficiently than other comparable solutions. MedEye integrates with hospital information systems to retrieve information about which medications patients should be getting. MedEye then works with the nurse to make sure that all medication dosages are safely delivered to the patient. Without requiring the nurse to type information or use a computer, MedEye then safely documents all actions and completes the medical history of the patient. MedEye addresses the problem of medication errors in hospitals and healthcare institutions. It is estimated that 1 in 5 medications are given incorrectly in hospitals, causing one medication error per patient per day.

3Z Pharmaceuticals provides research services intended to provide drug development services. It offers drug screening on sleep and epilepsy assays that helps in the development of drugs used to treat neurological disorders, enabling patients to get multiple drug efficacy and toxicity assays. Karl Karlsson and Haraldur Thorsteinsson founded 3Z Pharmaceuticals in 2008. It based their company on their research on the sleeping patterns of the zebrafish at the Reykjavik University Neurolab in 2006.

Kaptio ehf. is a provider of enterprise Software-as-a-Service solutions tailored for the travel industry, operating primarily in Iceland and the United Kingdom. Founded in 2012 and headquartered in Kopavogur, Iceland, with an additional office in Heidelberg, Germany, Kaptio offers a travel reservation platform designed to facilitate digital transformation for tour operators. The company's flagship product, Kaptio Travel, assists various travel service providers—such as tour operators, hotels, and travel agencies—in managing the Proposal-to-Operation lifecycle and enhancing relationships with customers, suppliers, and agents. Kaptio's services also include consultancy, technical architecture, implementation, integration development, and cloud management, which collectively streamline marketing, operations, and finance into a cohesive system.

Getsling is an easy-to-use, free shift scheduling and planning software that helps your business manage shifts and communicate with employees.

Sólfar Studios is a virtual reality gaming studio founded by three industry veterans with over 20 years of experience in online worlds, games, and virtual reality. The company specializes in creating and publishing games across major VR platforms such as PlayStation, Steam VR, and Oculus Rift. With a focus on delivering transformative experiences, Sólfar Studios aims to forge new pathways in virtual reality, allowing users to engage with immersive environments that evoke visceral emotions. The studio is known for its selective approach to talent and collaboration, maintaining a nimble profile while adhering to a strong commitment to the quality and impact of its productions.

Kerecis is a company that develops patented fish-skin products aimed at healing human wounds and repairing tissue damage. Utilizing fish skin, which poses no disease-transfer risk to humans, Kerecis produces therapeutic products that retain similarities to human skin, making them effective substitutes. The company's offerings are enriched with Omega-3 fatty acids extracted from fish skin, which aid in the reconstruction of various types of tissue damage, including burns, diabetic wounds, and surgical repairs such as hernias and breast reconstruction. Kerecis's technology is supported by over 50 studies, including double-blind, randomized control trials demonstrating the efficacy of fish skin treatments compared to traditional mammalian-based solutions. In addition to wound care, Kerecis is expanding its product line to include applications in oral surgery, plastic surgery, and neurology, highlighting its commitment to advancing tissue regeneration and healing methods.

3Z Pharmaceuticals provides research services intended to provide drug development services. It offers drug screening on sleep and epilepsy assays that helps in the development of drugs used to treat neurological disorders, enabling patients to get multiple drug efficacy and toxicity assays. Karl Karlsson and Haraldur Thorsteinsson founded 3Z Pharmaceuticals in 2008. It based their company on their research on the sleeping patterns of the zebrafish at the Reykjavik University Neurolab in 2006.

Cooori is an ed-tech company that specializes in language learning products, utilizing artificial intelligence to enhance the learning experience. The company has developed a sophisticated neural network that models individual learning processes, allowing it to tailor language exercises to each user's specific needs and proficiency levels. This AI-driven system analyzes users' habits and performance to schedule optimal learning activities, facilitating efficient language acquisition. Cooori primarily targets the B2B English TOEIC market in Japan, although its technology is adaptable for other languages. By merging scientific research on memory and deep learning technology, Cooori aims to provide a personalized and effective language learning solution, enabling users to learn at their own pace and convenience.

Brand Regard Ltd, headquartered in London, specializes in web-based brand asset management solutions. Its primary product, Brand Regard, is an online platform that centralizes digital marketing materials, ensuring up-to-date usage by employees, streamlining workflows for creative directors and designers, facilitating client access for agencies, and promoting consistent branding for marketing directors. The service operates on a subscription basis, with fees varying according to the number of users requiring access.

Gagnavarslan is a provider of data retention services that emphasizes adherence to current standards and accepted practices. The company focuses on preserving, accessing, and responsibly disposing of data at the end of its life cycle, ensuring that businesses can securely manage their documents. Gagnavarslan's commitment to continuous improvement aims to deliver the highest quality service to its customers. Additionally, the company prioritizes data protection, assuring clients that all security standards are upheld and that their documents are stored in a secure environment.

ATMO Select is a company specializing in audio branding, focusing on the relationship between music, sound, and customer engagement. Headquartered in Iceland, with operations in Scandinavia, Germany, Benelux, and the United States, ATMO Select leverages extensive research and development to create tailored audio branding strategies for businesses globally. The company analyzes customer demographics and brand characteristics to develop detailed music profile reports that enhance the connection between brands and their audiences. Additionally, ATMO Select provides high-quality sound systems, including custom music atmospheres and sound integration solutions, aimed at improving the in-store experience for clients in hospitality and retail sectors. Through its innovative approach, ATMO Select seeks to elevate customer experiences and drive revenue growth for its clients.

Mint Solutions develops MedEye, a solution for medication and patient safety in hospitals and other healthcare institutions. MedEye helps nurses verify and document all medication administrations to patients. The solution uses computer vision technology to enable the nurse to work faster and more efficiently than other comparable solutions. MedEye integrates with hospital information systems to retrieve information about which medications patients should be getting. MedEye then works with the nurse to make sure that all medication dosages are safely delivered to the patient. Without requiring the nurse to type information or use a computer, MedEye then safely documents all actions and completes the medical history of the patient. MedEye addresses the problem of medication errors in hospitals and healthcare institutions. It is estimated that 1 in 5 medications are given incorrectly in hospitals, causing one medication error per patient per day.

Kerecis is a company that develops patented fish-skin products aimed at healing human wounds and repairing tissue damage. Utilizing fish skin, which poses no disease-transfer risk to humans, Kerecis produces therapeutic products that retain similarities to human skin, making them effective substitutes. The company's offerings are enriched with Omega-3 fatty acids extracted from fish skin, which aid in the reconstruction of various types of tissue damage, including burns, diabetic wounds, and surgical repairs such as hernias and breast reconstruction. Kerecis's technology is supported by over 50 studies, including double-blind, randomized control trials demonstrating the efficacy of fish skin treatments compared to traditional mammalian-based solutions. In addition to wound care, Kerecis is expanding its product line to include applications in oral surgery, plastic surgery, and neurology, highlighting its commitment to advancing tissue regeneration and healing methods.

AGR Dynamics is a company that specializes in supply chain management software, offering a comprehensive solution known as AGR. This software features tools for exception management, inventory optimization, and sales management, designed to enhance the efficiency and profitability of supply chain operations. Founded in 1997, AGR Dynamics has built a strong presence with a team of 43 employees across Iceland, the UK, and Denmark, providing consulting, implementation, and maintenance services to a diverse clientele, including prominent wholesale and retail businesses. The company has extensive experience, having supported over 30 international customers, and is recognized as a Microsoft Certified Partner, demonstrating expertise in business solutions. AGR Dynamics is particularly noted for its proficiency in implementing Microsoft Dynamics NAV and LS Retail, contributing to some of the largest deployments of these systems globally. Through continuous innovation and improved customer communication, AGR Dynamics aims to strengthen business operations for its clients.

gogoyoko.com is a music service that allows artists to sell their music directly to fans and allows everyone to listen to all music on the site for free. The service uses a combination of subscriptions and advertising sales to support payments to the artists for streaming. The site is unique in the way it splits revenue with artists and charity, with 40% of advertising and subscription revenue shared directly with artists who stream the most music on the site and 10% going to partner charities. Unlike other music stores online, the site takes a very small cut (10%) of music sales, which means that artists make more money from each sale, which makes the service attractive for local music scenes to support their musicians directly. Also, the site's focus is on the independent music sector and the largest labels on the site are large independents like Matador and XL.

Yaolan New Media Ltd. operates Yaolan.com, a leading Chinese language online parenting portal and education platform established in 1999. The website serves pregnant women and parents of children aged 0 to 6 years, offering trusted information and educational services. With approximately 2.4 million registered members, Yaolan.com attracts around 400,000 unique visitors daily, generating 3.2 million page views. The platform provides a variety of products, including nutritional supplements, food items, and educational toys, while also delivering valuable infant care information. Through its comprehensive resources, Yaolan.com aims to support parents in nurturing and educating their children effectively.

Mentis Cura ehf is an Icelandic medical research company that specializes in developing neuro-diagnostic algorithms utilizing electroencephalography (EEG) for the diagnosis of central nervous system (CNS) diseases. The company focuses on conditions such as Alzheimer's disease and various forms of dementia, providing physiological evidence for early diagnosis and differential diagnosis. Additionally, Mentis Cura addresses developmental disorders, including Attention Deficit Hyperactivity Disorder (ADHD) across all age groups. The company is committed to creating tools that not only assist in diagnosing these conditions but also track the progression of Alzheimer's disease and monitor treatment responses. Its diagnostic solutions are employed in hospitals, clinics, and doctors’ offices, contributing to improved patient care since its founding in 2000, with headquarters in Reykjavik, Iceland.

BioCule is a developer of advanced nucleic acid microelectrophoresis systems, focusing on both one-dimensional and two-dimensional analysis. The company's platform is designed to analyze complex nucleic acid samples, providing researchers with tools to assess the size distribution and relative amounts of various nucleic acid forms, including double-stranded DNA, single-stranded DNA, RNA-DNA hybrids, and damaged DNA. BioCule's technology operates under semi-denaturing conditions, allowing for detailed examination of DNA quality, including the detection of cross-links, fragmentation, and strand breaks. This capability enables researchers to gain valuable insights into DNA integrity and repair processes, facilitating advancements in fields such as genetics and molecular biology.

NordicPhotos, established in 2000 in Iceland, is a photography agency that specializes in contemporary Scandinavian photography while also offering a unique selection of vintage images from both renowned and lesser-known Swedish photographers. The company expanded rapidly through the acquisition of notable Swedish picture agencies, Mira and Tiofoto. With offices in Reykjavik and Stockholm, NordicPhotos has developed a global presence through a network of international agencies. Its digital picture archive serves as a comprehensive database, providing high-quality images sourced from professional photographers and various collections from the Nordic region, catering to clients in need of diverse visual content for their projects.

InfoMentor is a prominent provider of cloud-based teaching and learning solutions aimed at helping students reach their full potential. The company develops a comprehensive platform that integrates curriculum planning, pupil assessment, progress analysis, and parental engagement. By bringing together key stakeholders—students, teachers, and parents—InfoMentor fosters an environment conducive to learning. Its software is designed to adapt to the specific needs of schools, allowing educators to focus more on teaching and less on administrative tasks, ultimately enhancing the educational experience and outcomes for children.