The Icelandic tech ecosystem is flourishing despite the country’s small population, largely due to its strong physical infrastructure and a spirit of innovation that has arisen out of necessity. Entrepreneurs in Iceland, driven by the limited local market, often adopt a global mindset. This approach is supported by high literacy rates and a highly skilled tech workforce, which has been instrumental in shifting focus toward the gig economy, particularly within the IT sector. Although Iceland faces challenges due to its small population, its strategic geographic location between North America and Europe provides quick access to large consumer markets. Iceland’s dedication to fostering innovation and maintaining competitiveness suggests a bright future for its technology sector.
Controlant is a leading technology company specializing in the digital transformation of pharmaceutical supply chains. In 2023, the company raised €110.4 million. Controlant’s mission is to create zero-waste supply chains by integrating digitalization, automation, and transformation into the pharma supply chain. Its innovative platform provides comprehensive end-to-end visibility and actionable insights for managing temperature-sensitive products, aiming to optimize supply chain efficiency and sustainability.
CCP Games, renowned for its contributions to the gaming industry, particularly with its flagship title EVE Online, continues to make a mark with its immersive virtual worlds. While the specific amount raised in 2023 was not disclosed, CCP Games has established itself as a leader in online gaming through its innovative technology and engaging storytelling. EVE Online offers a complex universe where players can explore space, manage economies, and participate in large-scale battles, reflecting CCP Games’ commitment to pushing the boundaries of online gaming.
Carbon Recycling International (CRI), a pioneer in cleantech, raised $30 million in 2023. The company focuses on sustainable energy and environmental technology, specifically in transforming carbon dioxide emissions into renewable methanol. CRI’s Emissions-to-Liquids (ETL) technology captures CO2 from industrial processes and combines it with renewable hydrogen to produce methanol, thereby reducing greenhouse gas emissions and promoting a circular carbon economy.
Dynamic Technology Equipment (DTE), which raised €15.2 million in 2023, is making strides in the energy sector. DTE’s innovations aim to make metal production more sustainable, safe, and efficient. The company’s technology helps recyclers maximize the use of recycled aluminum, thereby reducing emissions and energy consumption. DTE’s LP-LIBS sensor technology offers real-time insights into high-temperature and solid metals, enhancing quality control in metal production.
Quest Portal, a company in the gaming sector, raised $7.6 million in 2023. Quest Portal provides a virtual tabletop (VTT) platform designed for playing tabletop role-playing games (TTRPGs) on both desktop and mobile devices. The platform includes features such as a powerful AI assistant, character sheets, immersive backdrops, ambient music, and battlemaps, aimed at enhancing creativity, empathy, and collaboration among players.
Rocky Road Games, another player in the gaming industry, raised $3 million in 2023. The company focuses on mobile gaming with a platform designed to nurture real-world social connections among players. Rocky Road Games’ mobile game encourages social interaction and relationship-building through a casual open-world environment based on real map data, making it accessible and engaging for a broad audience.
These companies illustrate the dynamic and diverse nature of Iceland’s tech ecosystem, showcasing advancements across various sectors including logistics, gaming, cleantech, and energy. Their continued growth and innovation highlight the country’s ability to leverage its unique advantages and global connections to drive technological progress.