taeknipúlsinn.is/en/news
Technology stories from across Iceland.
Tæknipúlsinn translationTreble secures two billion krónur in funding
Icelandic startup Treble Technologies has raised roughly two billion ISK to develop sound-simulation software that helps AI and smart devices perceive and understand audio. The funding will support the company's expansion in the US market.
Tæknipúlsinn translation: Two new specialists join Jónsbók
Jónsbók, a company developing an AI solution for lawyers, has hired two new specialists, Fannar Freyr Bergmann and Elías Snorrason. Both bring expertise in artificial intelligence and data science.
Northstack's new survey of nearly 300 Icelandic founders and innovation leaders, conducted with Gallup and the Icelandic Technology Development Fund, finds optimism about innovation largely unchanged since 2019 despite more R&D spending and venture capital. Persistent frictions—hard-to-raise capital, weak banking services, and currency volatility—continue to hold back Iceland's innovation performance.
A new Northstack report finds that Iceland's Technology Development Fund allocated ISK 49 billion to roughly 1,200 recipients between 2004 and 2024, with software projects capturing up to 63% of grants. Ocean-related technology funding has declined sharply, and allocations show little correlation with government priorities on AI or climate.
Canadian-Icelandic startup Prescriby, which builds software to prevent opioid and other medication addiction through safer tapering plans, has raised $2.1M led by Crowberry Capital. The funding will support nationwide rollout in Iceland, a commercialization project in Canada, and expansion into the US market.
Startup funding deals in Iceland dropped to 21 in 2023, the lowest in five years, while total invested amounts fell by more than half from the record year 2022 but remained similar to 2020-2021 levels. Foreign investors remained crucial to most deals, and the share of mixed and female-only teams among deals rose, though funding amounts to them stayed low.
Activity Stream, a software provider for live entertainment organizers, has raised $13.5 million led by Eyrir Ventures and Frumtak Ventures. The funds will support expansion across the US, Europe and the UK, plus refinance recent acquisitions and fuel new product development.
Icelandic healthtech startup Leviosa closed a $1M pre-seed round backed by existing angel investors and over 60 healthcare professionals, mostly practicing physicians. Founded in 2019, the company builds tools to cut documentation time and administrative burden, and plans to use the funding to finish development and launch within Iceland's healthcare system.
Tæknipúlsinn translation: DTE bætir 6 milljónum dala við A2-fjármögnunarlotu sína frá Eyri Vexti og EIC
Icelandic deep tech company DTE has closed a $16M Series A2 round after Eyrir Vöxtur and the EIC contributed an additional $6M. The funding will support DTE's expansion into production, sales, and new manufacturing sectors relying on cast metal parts, including automotive and construction.
Icelandic firm Exmon Software, which helps companies detect data errors and anomalies, has been acquired by Denmark-based TimeXtender; deal terms were undisclosed. Exmon's core development is expected to remain in Iceland, with plans to offer its solution to TimeXtender's broader customer base.
Tæknipúlsinn translation: Meniga fær 16 milljóna dala Series D fjármögnun frá Groupe BPCE, Crédito Agrícola og Omega
Icelandic fintech Meniga has raised a $16M Series D round backed by banking clients Groupe BPCE and Crédito Agrícola alongside Icelandic VC Omega. The funds will help clear existing debt and support Meniga's strategy shift toward data enrichment and hyper-personalised insights for financial institutions.
Icelandic startup PayAnalytics has been acquired by Swiss compensation platform beqom, which called the deal an industry-disrupting move in pay equity technology. PayAnalytics' product will remain standalone while also becoming available through beqom, marking the first exit for investor Eyrir Vöxtur.
Icelandic cybersecurity startup Keystrike has secured $1 million in pre-seed funding to expand sales and marketing, particularly targeting the US market. Its first product, Sanctum Guard, uses real-time keystroke authentication to verify users and is launching in early December.
Controlant has secured $80M in funding, led by Icelandic pension fund Gildi with additional debt financing from Apax Credit Funds, while simultaneously cutting 80 jobs across all divisions. The layoffs stem from declining demand for COVID-19 vaccine logistics as the company shifts focus toward broader business growth.
Around 60 Icelandic startups and investors are attending Slush 2023 in Helsinki as part of a Business Iceland delegation, with representatives from CCP Games and Running Tide speaking on the main stage. The trip also includes pitch competitions, data-focused side events, and networking gatherings for the Icelandic startup ecosystem.
Nordic Secondary Fund has invested $2.4M in DTE by purchasing shares from a select group of the company's early shareholders, marking the fund's first investment in Iceland. The deal follows DTE's recent $10M Series A2 round, which included Novelis, Metaplanet, and the European Innovation Council Fund.
