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 aimed at horse owners, trainers, and enthusiasts. It offers an equestrian app that serves as a digital training diary for horses, allowing users to store and manage all relevant data and information related to horse riding. The application features an extensive exercise library that includes recognized training methods presented through text, images, and videos. This platform enables owners of Icelandic horses, as well as trainers and riding instructors, to create profiles for their horses and fosters connectivity and communication among users worldwide.

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 assists organizations in monitoring and addressing pay disparities, particularly the gender pay gap. The company offers tools for payroll analysis, enabling clients to measure and close pay ranges effectively. By providing insights into salary data, PayAnalytics helps businesses identify demographic pay gaps and implement strategies to ensure these gaps are addressed and maintained over time. This focus on equitable compensation supports organizations in fostering a fair and inclusive workplace.

Evolytes is an educational platform focused on improving learning outcomes for children by integrating gaming, literature, and performance monitoring. The platform employs research and psychological theories to keep children engaged in their studies. It features a mobile game paired with a written textbook, allowing children to scan QR codes at the end of each chapter to take assessments and earn rewards. Additionally, Evolytes offers a web application that provides real-time insights into a child's progress, strengths, and weaknesses, enabling parents and instructors to effectively monitor and support the child's educational journey.

Hefring Marine is an Icelandic startup based in Reykjavík that specializes in advanced marine technology. The company offers the Intelligent Marine Assistance System (IMAS), an AI-driven software solution designed to enhance safety and efficiency for both manned and unmanned vessels. IMAS utilizes artificial intelligence, machine learning, and Internet of Things (IoT) technologies to provide real-time navigation guidance, helping operators minimize risks associated with inexperience and improving situational awareness. The system significantly reduces fuel consumption and carbon emissions, with potential savings of up to 25%, and mitigates wave slamming impacts by as much as 70%. This approach not only protects crew and passengers but also minimizes damage to vessels and equipment, ensuring a safer and more comfortable marine experience.

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 specializes in smart sportswear designed to enhance athletic performance by monitoring key metrics. Their innovative shirts incorporate soft sensors that assess breathing patterns and metabolic profiles, providing athletes with valuable insights into their physiological limits. By leveraging advanced algorithms, the technology analyzes data related to stamina and performance, which is then accessible via a user-friendly interface on smartphones or computers. Tyme Wear aims to democratize access to accurate performance data, empowering athletes to refine their training methods and optimize their results.

PayAnalytics is a developer of compensation analytics software that assists organizations in monitoring and addressing pay disparities, particularly the gender pay gap. The company offers tools for payroll analysis, enabling clients to measure and close pay ranges effectively. By providing insights into salary data, PayAnalytics helps businesses identify demographic pay gaps and implement strategies to ensure these gaps are addressed and maintained over time. This focus on equitable compensation supports organizations in fostering a fair and inclusive workplace.

Florealis is a pharmaceutical company focused on providing herbal medicinal products and solutions aimed at promoting health and well-being. The company offers a diverse range of registered herbal medicines that address various health issues, including urinary tract infections, anxiety, sleep disorders, and gynecological concerns. Their products, which are derived from active natural ingredients approved by health authorities, are designed to help patients manage common ailments effectively and safely. By prioritizing natural components in their offerings, Florealis aims to deliver accessible healthcare solutions that support overall wellness.

Kara Connect ehf. is a telepractice platform based in Reykjavík, Iceland, established in 2014. The platform connects service providers in healthcare and education with patients and organizations seeking professional assistance. It offers a customized wellness hub designed specifically for companies, enabling employees to access high-quality coaching, counseling, and therapy services tailored to their individual needs. By facilitating access to a diverse range of professionals, including therapists and educators, Kara Connect aims to enhance the availability of support in the health, welfare, and educational sectors, thereby empowering individuals and organizations to improve their well-being and potential.

Hefring Marine is an Icelandic startup based in Reykjavík that specializes in advanced marine technology. The company offers the Intelligent Marine Assistance System (IMAS), an AI-driven software solution designed to enhance safety and efficiency for both manned and unmanned vessels. IMAS utilizes artificial intelligence, machine learning, and Internet of Things (IoT) technologies to provide real-time navigation guidance, helping operators minimize risks associated with inexperience and improving situational awareness. The system significantly reduces fuel consumption and carbon emissions, with potential savings of up to 25%, and mitigates wave slamming impacts by as much as 70%. This approach not only protects crew and passengers but also minimizes damage to vessels and equipment, ensuring a safer and more comfortable marine experience.

Lauf Forks Ltd. is a company specializing in the design, manufacture, and sale of ultra-lightweight suspension bicycle forks tailored for various types of bicycles, including XC hardtails, fat bikes, gravel bikes, and cyclocross bikes. Founded in 2011 and headquartered in Reykjavík, Iceland, Lauf Forks distributes its products both online and through a network of dealers and distributors, reaching customers in Iceland and internationally. The company is recognized for its innovative approach to bicycle suspension technology, aiming to enhance performance and riding experience for cyclists.

Ankeri is a company that specializes in cloud-based software solutions aimed at enhancing ship performance, particularly in relation to charter parties, or contracts. Founded on December 1, 2016, Ankeri's team possesses over 25 years of combined experience in marketing, designing, and developing software tailored for the shipping industry. The company's software effectively manages ship performance profiles and monitors time-charter party performance through an online dashboard. This enables ship owners and charterers to easily access and share validated information, facilitating improved data-driven decision-making and contributing to the circular economy within the maritime sector.

Florealis is a pharmaceutical company focused on providing herbal medicinal products and solutions aimed at promoting health and well-being. The company offers a diverse range of registered herbal medicines that address various health issues, including urinary tract infections, anxiety, sleep disorders, and gynecological concerns. Their products, which are derived from active natural ingredients approved by health authorities, are designed to help patients manage common ailments effectively and safely. By prioritizing natural components in their offerings, Florealis aims to deliver accessible healthcare solutions that support overall wellness.

Valka is a manufacturer specializing in advanced equipment for the fish processing industry. The company designs high-tech hardware and software solutions that enhance productivity for its clients. Its product portfolio includes systems for whole-fish grading, X-ray-guided cutting and portioning, packing technology, feed-dispersing systems, and inventory control. Valka's team, composed of experienced professionals from the seafood sector, is dedicated to addressing critical challenges faced by customers with innovative and effective solutions. Under the leadership of founder and CEO Helgi Hjálmarsson, Valka has established a reputation for high-quality products and holds multiple patents, with more pending. The company is committed to continuous improvement and innovation, ensuring that its offerings evolve in line with client needs while expanding its international customer base.

Dohop Ltd. is a technology provider based in Reykjavik, Iceland, specializing in travel and aviation solutions since its founding in 2004. The company operates a travel search engine that enables users to find the most affordable flights, hotels, and car rentals. Its offerings include Dohop Connection Search, which customizes flight searches for specific airlines or airports, and a flight search solution designed for airlines and airport websites. Additionally, Dohop provides GatwickConnects, allowing passengers to book connections between flights from different airlines at Gatwick Airport in a single transaction. Recognized for its innovative approach, Dohop develops solutions in virtual interline technology and has collaborated with various airlines and alliances, streamlining the process of creating connecting itineraries and enhancing travel connectivity.

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 an enterprise Software-as-a-Service provider focused on the travel industry, offering solutions to help travel companies manage various aspects of their operations. Established in 2012 and based in Kopavogur, Iceland, with a presence in Heidelberg, Germany, Kaptio's main product, Kaptio Travel, supports a diverse range of travel service providers, including tour operators, hotels, and travel agencies. The platform facilitates the Proposal-to-Operation lifecycle and enhances relationship management with customers, agents, and suppliers. Kaptio also offers a suite of consultancy services, including technical architecture, implementation, integration development, and cloud management, aimed at streamlining reservation processes and improving customer relationship management for travel businesses.

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 studio focuses on creating and publishing games across all major VR platforms, including PlayStation's Project Morpheus, Steam VR, and Oculus Rift. Sólfar is dedicated to delivering transformative experiences that evoke visceral emotions, fostering an immersive environment for users. The company maintains a selective approach to talent and collaborators, ensuring a commitment to quality and impactful productions while remaining agile in the ever-evolving gaming landscape.

Kerecis specializes in developing patented fish-skin products designed to promote healing in humans. Utilizing Omega-3 fatty acids extracted from cold-water fish, their therapeutic offerings serve as effective substitutes for human skin, significantly aiding in the treatment of various wounds, including burns and diabetic ulcers, as well as applications in oral surgery, hernia repair, and breast reconstruction. The company's products are formulated to retain the natural properties of fish skin, minimizing disease-transfer risks while enhancing tissue regeneration. Kerecis has substantiated its technology through over 50 studies, including two double-blind, randomized control trials that demonstrated superior efficacy compared to traditional mammalian-based treatments. The organization continues to expand its product range to address diverse medical needs across multiple surgical domains.

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 driven by artificial intelligence. The platform utilizes a neural network to analyze individual learning patterns and proficiency levels, allowing it to recommend tailored exercises that maximize improvement. By leveraging insights from scientific research on human memory and deep learning technology, Cooori's system schedules targeted learning activities at optimal times to enhance language acquisition effectively. While the primary focus is on the B2B English TOEIC market in Japan, the underlying technology is adaptable for various other language learning applications, enabling users to progress at their own pace from any location.

Brand Regard Ltd is a London-based company that provides a cloud-based brand asset management solution tailored for brands and agencies. Its platform, Brand Regard, serves as a centralized repository for digital marketing materials, enabling brand managers to ensure employees utilize the most current assets. The software facilitates creative directors in organizing and locating source files efficiently, supports brand agencies in sharing designs with clients, and assists marketing directors in maintaining consistent branding across campaigns. By offering online access to branding and marketing data, Brand Regard eliminates the inefficiencies of searching for files across various storage methods. The service operates on a subscription model, with clients paying a monthly fee based on user access. Brand Regard Ltd is a subsidiary of Transmit ehf.

Gagnavarslan specializes in data retention services that align with current standards and accepted practices. The company focuses on preserving, accessing, and responsibly disposing of data at the end of its lifecycle, ensuring that businesses have secure access to their documents. Gagnavarslan prioritizes continuous improvement to enhance customer service, while its commitment to data protection guarantees adherence to established security standards. By providing a secure environment for document storage, Gagnavarslan aims to meet the evolving needs of its clients in an increasingly data-driven landscape.

ATMO Select specializes in audio branding, focusing on the relationship between music, sound, and customer engagement. By leveraging extensive research and years of industry experience, the company analyzes customer demographics and brand characteristics to create tailored audio branding strategies. These strategies culminate in detailed music profile reports that assist businesses in enhancing their customer interactions. Based in Iceland, ATMO Select operates across Scandinavia, Germany, Benelux, and the United States. Additionally, the company provides high-quality speakers and sound systems suitable for various retail and installation environments. It also offers customized music atmospheres and sound integration systems, along with natural scent equipment, particularly for the hospitality and branded retail sectors, aiming to elevate the in-store experience 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 specializes in developing patented fish-skin products designed to promote healing in humans. Utilizing Omega-3 fatty acids extracted from cold-water fish, their therapeutic offerings serve as effective substitutes for human skin, significantly aiding in the treatment of various wounds, including burns and diabetic ulcers, as well as applications in oral surgery, hernia repair, and breast reconstruction. The company's products are formulated to retain the natural properties of fish skin, minimizing disease-transfer risks while enhancing tissue regeneration. Kerecis has substantiated its technology through over 50 studies, including two double-blind, randomized control trials that demonstrated superior efficacy compared to traditional mammalian-based treatments. The organization continues to expand its product range to address diverse medical needs across multiple surgical domains.

AGR Dynamics is a company that specializes in supply chain management software, particularly through its flagship product, AGR. This software features tools for exception management, inventory optimization, and sales management, aimed at enhancing operational efficiency for businesses. Founded in 1997, AGR Dynamics has built a strong team of 43 employees across Iceland, the UK, and Denmark, focusing on consulting, implementation, and maintenance of supply chain solutions. The company serves a diverse clientele, including prominent wholesale and retail firms, and has experience working with over 30 international customers. As a Microsoft Certified Partner, AGR Dynamics has expertise in business solutions, particularly in the implementation of Microsoft Dynamics NAV and LS Retail, contributing to some of the largest system deployments globally. By continually acquiring knowledge and fostering strong customer communication, AGR Dynamics strives to improve business operations and drive innovation within the supply chain sector.

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 specializes in developing advanced microelectrophoresis systems that analyze nucleic acid samples. Its technology allows for the detection and assessment of size distribution and relative amounts of various forms of DNA, including double-stranded DNA, single-stranded DNA, RNA-DNA hybrids, and damaged DNA. The platform operates under semi-denaturing conditions and is particularly effective in evaluating the quality of nucleic acid samples. By providing insights into DNA quality and damage, BioCule's systems enable researchers to better understand nucleic acid complexities, including cross-links, fragmentation, and strand breaks.

NordicPhotos, established in 2000 in Iceland, has evolved into a prominent provider of contemporary Scandinavian photography. The company expanded rapidly through acquisitions of renowned Swedish picture agencies, including Mira and Tiofoto. Its extensive digital picture archive features a unique selection of vintage photography from both famous and lesser-known Swedish photographers, alongside a diverse array of foreign image collections. With offices in Reykjavik and Stockholm, NordicPhotos is well-positioned globally, supported by a network of international agencies. The company's offerings enable users to access high-quality images from professional photographers, catering to various creative and commercial needs.

InfoMentor is a prominent provider of cloud-based teaching and learning solutions aimed at fostering the full potential of students. By integrating curriculum planning, pupil assessment, progress analysis, and parental engagement into a single platform, InfoMentor creates an efficient learning environment that connects teachers, students, and parents. This approach enables educators to tailor their teaching to meet the specific needs of their schools while maximizing their time for direct student engagement. The company's mission is to facilitate optimal conditions for learning, ensuring that all pupils can thrive in their educational journeys.