The Innovation Fund Kría (NSK) has announced the results of its latest investment initiative focused on early-stage startups. The fund advertised the initiative in September and October. A total of 88 companies applied — an increase of more than 20% compared to the previous initiative in 2023. After a thorough selection process, eleven companies were chosen from the applicant group, and NSK will invest a total of around ISK 300 million in them. One of the requirements of the initiative is that the companies secure at least the same amount from private investors. In total, the combined investment from NSK and private investors will therefore be at least ISK 600 million in these eleven companies.
The focus of this investment initiative was on young startups, representing a variety of industries. Two of the companies are located outside the capital region, and most have diverse founding teams.
Hrönn Greipsdóttir CEO of NSK:
“The strong interest in NSK’s investment initiative demonstrates the vibrant innovation environment in Iceland, and the number of applications exceeded our expectations. Overall, the applications were very strong, making the selection process challenging. External experts were brought in to join us in evaluating the applications to ensure a diverse and unbiased review. We hope the companies will succeed in securing their matching funds and thus strengthen their growth and development plans.”
The companies selected for investment, listed alphabetically, are:
- Catecut – A software solution that uses artificial intelligence to automate product descriptions from images for online fashion retail.
- Circular Library – A lending-management system enabling communities to share and borrow various items, reducing waste and supporting a sustainable future.
- Disact – A groundbreaking solution that improves indoor environments and building health in Iceland, with new approaches to inspection, diagnostics, and mold prevention.
- Grænafl – Facilitating energy transition in smaller vessels by replacing existing diesel engines with hybrid systems or batteries.
- Kaldur therapeutics – Development of biomarkers and new drug derivatives to reduce neural damage in patients who suffer oxygen deprivation to the brain following cardiac arrest, birth complications, or other trauma.
- Knittable – An AI-powered algorithm that helps knitters be creative, enabling anyone to design and knit anything they imagine.
- Pikkoló – A smart distribution system for online grocery retailers. Its main goal is to help people access diverse, fresh groceries within their local communities simply, affordably, and in an environmentally friendly way.
- SagaReg – Specialized software using artificial intelligence to automate the creation of regulatory submission dossiers for pharmaceutical marketing authorizations, reducing time and cost by 70–90%.
- Sea Growth - Cultivated seafood (cell-based fish). The company develops production of fish products in bioreactors, ensuring comparable taste and nutrition to conventional seafood.
- Sea Thru – A software solution providing full traceability of seafood products throughout the supply chain, improving food safety and meeting increasingly strict global traceability regulations. A kind of “Google Maps for fish.
- Total Tempo – A technology solution for football (soccer) training that enhances situational awareness, reaction time and decision-making for players.
Here are some photos from an event that was held on the 3rd of December to celebrate the new investments
