The Icelandic startup scene is booming, with innovators tackling everything from environmental challenges to the future of entertainment.
Here are ten Icelandic startups that are making waves and are worth keeping an eye on in 2024.
1. CarbFix: Transforming CO2 into Stone
CarbFix, established in 2007 by Sigurður Gíslason and Eric Oelkers, is a pioneer in environmental technology, offering a revolutionary solution to the climate crisis. Their unique method captures CO2 emissions and transforms them into stone underground within two years.
This innovative process offers a practical and scalable way to reduce atmospheric carbon dioxide, potentially revolutionising how industries manage their carbon footprint. With a €3.9 million grant from the EU Innovation Fund, CarbFix is expanding its impact, marking a significant step forward in global efforts to combat climate change.
2. Lucinity: AI-Powered Anti-Money Laundering
Founded in 2018 by Gudmundur Kristjansson, Lucinity is an Icelandic startup revolutionsing the fight against financial crime. Using cutting-edge AI and cloud technology, Lucinity provides sophisticated anti-money laundering software to financial institutions.
Their platform enhances detection and prevention capabilities, making it easier for banks and financial bodies to identify and act on suspicious activities. Lucinity’s Human AI technology combines artificial intelligence with human intuition, significantly increasing the efficiency and effectiveness of AML programmes, marking a new era in the battle against financial crimes.
3. OZ Sports: Augmented Reality in Sports
OZ Sports, founded in 2016 by Gudjon Mar Gudjonsson, is a game-changer in the sports technology sector. Their flagship product, OZ Arena, utilises augmented reality, AI, and machine learning to enhance the atmosphere at sports events, particularly in stadiums with empty stands.
This technology allows fans to engage with events in unprecedented ways, including personalising their viewing experience with avatars and live voices. OZ Sports is redefining the sports viewing experience, making it more immersive and interactive for fans worldwide.
4. Smitten: Reinventing Online Dating
Smitten, established in 2018 by Asgeir Vísir and David Simonarson, is a fresh take on online dating, designed especially for Gen Z. The app stands out with its interactive, game-like approach to dating, integrating fun elements like their unique Guessary game. This engaging format eases the awkwardness of initial conversations, making online dating a more enjoyable, less intimidating experience.
Smitten is quickly gaining popularity, offering a novel, playful platform that changes the dynamics of digital dating, making it more accessible and entertaining for a new generation of users.
5. PayAnalytics: Bridging the Pay Gap
Founded in 2017 by Margrét Bjarnadóttir, David Anderson, and David Gaddis Ross, PayAnalytics is a revolutionary HR tech startup. It offers a unique software solution that empowers HR managers and consultants to conduct comprehensive salary reviews.
The platform is instrumental in identifying and addressing gender and other demographic pay disparities, providing actionable insights and recommendations to close these gaps. With its global reach, PayAnalytics is playing a crucial role in promoting pay equity, contributing to more equitable workplaces worldwide, and helping companies of all sizes make data-driven, fair pay decisions.
6. Kara Connect: Telehealth Advancements
Kara Connect, established in 2014 by Hilmar Eidsson and Thorbjorg Helga Vigfusdottir, is an innovative telehealth platform transforming the accessibility of healthcare services. It seamlessly connects therapists, healthcare specialists, and educators with patients and clients through a secure, GDPR-compliant online consultation system.
The platform offers a comprehensive in-practice management tool, significantly enhancing the efficiency of health and welfare professionals. Kara Connect’s user-friendly interface and versatile functionality are breaking down barriers to healthcare, especially in mental health, and expanding its reach across Europe.
7. Sidekick Health: Digital Therapeutics Innovator
Sidekick Health, founded in 2014 by Saemundur Oddsson and Tryggvi Thorgeirsson, is an Icelandic startup at the forefront of digital healthcare innovation. They specialise in creating integrated digital therapeutic solutions to improve patient outcomes, particularly for chronic conditions like Atopic Dermatitis.
Their platform combines behavior science, gamified experiences, and clinically validated interventions to enhance patient engagement and adherence to treatment regimens. With significant funding and international partnerships, Sidekick Health is making strides in transforming patient care and contributing to the global advancement of digital therapeutics.
8. Alvotech: Biosimilar Medicines for All
Alvotech, founded in 2013 by Róbert Wessman, is a leading biotech startup focused on improving global healthcare by broadening the availability of biosimilar medicines. Specialising in the development and manufacture of high-quality biosimilars, Alvotech addresses the need for more affordable treatments for autoimmune disorders, eye conditions, osteoporosis, and cancer.
Their commitment to providing accessible biosimilar medications is not only reducing healthcare costs but also ensuring that patients worldwide receive the essential treatments they need, thereby playing a vital role in enhancing the sustainability and accessibility of global healthcare systems.
9. Hopp: Eco-Friendly Micro-Mobility
Hopp, launched in 2019 by Icelandic entrepreneurs Ragnar Þór Valgeirsson and Ægir Þorsteinsson, is redefining urban transportation with its eco-friendly micro-mobility solution. This startup offers a sustainable e-scooter sharing franchise that empowers local entrepreneurs while promoting green transportation. Hopp’s electric scooters provide a carbon-neutral alternative for city commuters, aligning with the growing global emphasis on reducing carbon footprints.
Their service is not just a convenient transportation option but also a step towards cleaner, more sustainable cities, reflecting a commitment to environmental responsibility and innovation in urban mobility.
10. GreenBytes: AI against Food Waste
GreenBytes, founded in 2020 by Jillian Verbeurgt and Renata Barajas, is tackling one of the restaurant industry’s most pressing issues: food waste. This Reykjavík-based startup uses artificial intelligence to help restaurants minimise waste and optimise their operations. GreenBytes’ innovative approach combines technology with a deep understanding of the culinary business, offering actionable insights that lead to more efficient and profitable operations.
By reducing food waste, GreenBytes is not only aiding restaurants in improving their bottom line but also contributing to Iceland’s goal of becoming carbon-neutral, making it a beacon of green-tech innovation.
From innovative environmental solutions to advanced digital healthcare, these ten Icelandic startups exemplify the creativity, technology, and commitment required to address some of our most pressing global challenges. As we move into 2024, these companies are not just ones to watch; they’re shaping the future.
