The Icelandic tech ecosystem thrives despite its small population, fostered by robust physical infrastructure and an innovative spirit born of necessity.
Entrepreneurs, inherently global-minded due to Iceland's limited consumer market, benefit from high literacy rates and a skilled tech workforce, driving a shift towards the gig economy, particularly IT.
Despite the challenges posed by Iceland’s small population, its strategic location between North America and Europe provides swift access to expansive consumer markets. Iceland’s dedication to advancing innovation and competitiveness suggests a promising future for its tech ecosystems.
Here are ten companies that contribute to advancing the tech ecosystem in Iceland.
Controlant
Industry: Logistics
Amount raised in 2023: €110.4M
Controlant is a technology company that specializes in the digital transformation of pharma supply chains.
The company’s vision is to deliver zero-waste supply chains for our partners and the planet through digitalization, automation, and transformation of the pharma supply chain.
Their innovative platform focuses on delivering end-to-end visibility and actionable insights for temperature-sensitive products.
CCP Games
Industry: Gaming
Amount raised in 2023: $40M
CCP Games is a video game developer best known for creating the popular massively multiplayer online game (MMO) EVE Online.
CCP Games has established itself as a leader in the gaming industry with its innovative and immersive virtual worlds. EVE Online, their flagship title, offers a complex and dynamic universe where players can engage in space exploration, economic management, and epic battles.
The company is committed to pushing the boundaries of online gaming, fostering a vibrant community, and continuously enhancing player experiences through cutting-edge technology and creative storytelling.
Carbon Recycling International (CRI)
Industry: Cleantech
Amount raised in 2023: $30M
Carbon Recycling International (CRI) is a pioneering company in the field of sustainable energy and environmental technology.
The company specializes in transforming carbon dioxide emissions into renewable methanol, a versatile and clean fuel alternative.
Their innovative Emissions-to-Liquids (ETL) technology captures CO2 from industrial sources and combines it with renewable hydrogen to produce methanol, thereby reducing greenhouse gas emissions and promoting a circular carbon economy.
DTE - Dynamic Technology Equipment
Industry: Energy
Amount raised in 2023: €15.2M
Dynamic Technology Equipment (DTE) is an innovative company which is revolutionizing metal by making the production of essential metals more sustainable, safe, and efficient.
DTE's solutions empower recyclers to maximize the use of recycled aluminum, reducing emissions, energy usage, and reducing reliance on primary aluminum.
The company has developed a technology which produces insights for quality control, of the high-temperature metals in less than 60 seconds from sampling. Its LP-LIBS sensor technology can also produce these insights of solid metals, in real-time.
Meniga
Industry: Fintech
Amount raised in 2023: €15M
Meniga is a leading fintech company that provides digital banking solutions designed to enhance customer engagement and improve financial wellness.
The company offers a suite of innovative products that leverage data analytics, personalized insights, and gamification to help banks and financial institutions deliver a more personalized and engaging user experience.
Their platform includes features such as personal finance management, carbon footprint tracking, and tailored financial advice.
Travelshift
Industry: Travel
Amount raised in 2023: $10M
Travelshift is a dynamic travel technology company known for its innovative marketplace solutions that connect travelers with local tourism services.
Travelshift empowers travel businesses by providing robust digital platforms that facilitate the creation and management of vibrant online travel communities.
Their flagship product enables travel agencies, tour operators, and destination management companies to enhance their online presence, streamline booking processes, and offer tailored travel experiences.
Quest Portal
Industry: Gaming
Amount raised in 2023: $7.6M
Quest Portal is a virtual tabletop (VTT) platform designed for playing tabletop role-playing games (TTRPGs) on both desktop and mobile devices.
Their user-friendly platform features a powerful AI assistant, character sheets, stunning backdrops, ambient music, battlemaps, and all the essential tools one could need for an immersive gaming experience.
The company’s mission is to increase creativity, empathy, and collaboration worldwide by making TTRPGs more accessible and social.
Rocky Road Games
Industry: Gaming
Amount raised in 2023: $3M
Rocky Road Games is a mobile gaming company, whose aim is to nurture real-world social connections among players with its still-in-stealth platform.
The company's game allows people to interact with one another, meet new people and create long-lasting relationships while being simple and having a shallow learning curve, enabling gamers to get a platform to play and socialize in a casual open-world mobile game built on real map data.
Laki Power
Industry: Analytics
Amount raised in 2023: $3M
Laki Power is a pioneering technology company specializing in advanced monitoring solutions for the power industry.
The company develops innovative systems that provide real-time insights into the health and performance of electrical power infrastructure.
Their cutting-edge technology helps utilities and grid operators optimize operations, enhance reliability, and prevent outages by detecting and diagnosing issues early.
Defend Iceland
Industry: Security
Amount raised in 2023: $2.6M
Defend Iceland is a cybersecurity firm dedicated to safeguarding organizations against digital threats and vulnerabilities.
The company offers a comprehensive suite of services including threat detection, risk assessment, penetration testing, and incident response.
With expertise in cybersecurity strategy and advanced technologies, they provide tailored solutions to protect sensitive data and critical infrastructure.
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