Three companies in the portfolio of the Business Venture Fund Kría, are among the recipients of grants awarded in the Technology Development Fund’s 2026 spring allocation. A total of 49 projects were selected for funding in this round, with new grants amounting to ISK 803 million.
The portfolio companies receiving grants are Sweeply, Álvit, and Hefring.
Sweeply receives a grant in the Growth (Vöxtur) category for its project Autonomous AI for Hotel Operations. Sweeply develops a software solution that automates day-to-day operational tasks for hotel and hospitality staff. Through the platform, managers define required tasks, and the system then assigns and delivers the appropriate tasks on a daily, weekly, monthly, or annual basis. Sweeply was founded in 2019, and Kría first invested in the company in 2020.
Álvit receives a grant in the Market Development (Markaðsþróun) category for its project Environmentally Friendly Collar Paste and Protective Material for Aluminum and Silicon Smelters – A Successor to Coal Tar Pitch. Álvit’s mission is to help decarbonize and modernize heavy industry and the chemical sector by replacing carcinogenic coal tar pitch with a new environmentally friendly alternative. Founded in 2020, Álvit joined Kría’s portfolio through the Frumsjóður 2023 initiative.
Hefring receives a grant in the Market Expansion (Markaðssókn) category for its project Setting Sail for the Canadian Market. Hefring was founded in 2018 to develop Hefring Marine, an intelligent navigation guidance system for boats and smaller vessels. The company joined Kría’s portfolio in 2019 but the company was established in the year 2018.
The Technology Development Fund’s latest allocation reflects the breadth of Icelandic innovation, supporting projects in fields including artificial intelligence, environmental technology, energy transition, software solutions, and biotechnology.
We congratulate the companies on this achievement and wish them continued success in their growth and development.
