How many total Native AI companies are there in Iceland?

As of August 2026, Iceland has 36 active Native AI companies.

What is the total funding raised by Native AI companies in Iceland?

Native AI companies in Iceland have collectively raised $25.1M in funding till date.

Who are the top investors in Native AI companies in Iceland?

The top investors in Native AI companies in Iceland by number of investments are David Helgason and Crowberry Capital.

List of 57 Native AI Startups in Iceland & Market Trends (Aug 2026)

The Native AI sector in Iceland comprises 57 companies, including 1 funded company which has raised $25.1M in venture capital money and private equity. Out of these, 1 is Series A+ funded.

This sector includes companies building core technology platforms, AI models, and applications that are fundamentally architected using artificial intelligence rather than traditional procedural code.

Native AI sector is also known as AI-First Technology or Core Artificial Intelligence Systems.

It includes LLM creators, foundational neural network developers, native multi-modal model architectures, and software applications completely dependent on AI inference to function. It excludes legacy IT infrastructure, traditional software applications with basic algorithmic add-ons, and purely non-digital business models.

Key Metrics

Total Companies

Top Companies

Lucinity, Jónsbók & more

Total Funding

$25.1M

Funded Companies

Series A+ Companies

Also known as

AI-First Technology or Core Artificial Intelligence Systems

View complete details of this sector

There are 57 Native AI startups in Iceland which include Lucinity, Jónsbók, Hot Reach AI, zerogpt.org, Generadordevoz. Out of these, 1 startup is funded and has secured Series A+ funding.

Over the past 10 years, an average of 5 new companies have been launched annually.

1. Lucinity

Provider of a platform for financial crime investigation and prevention. The platform offers case management, an AI agent, customer data integration, and regulatory reporting tools. It facilitates transaction monitoring and configuration of financial crime systems. The platform automates evidence gathering, analysis, and narrative creation. It also streamlines the generation and submission of regulatory reports.

Key facts about Lucinity

Founded Year: 2018
Location: Reykjavik (Iceland)
Stage: Series B
Total Funding till date: $26M
Investors: Keen Venture Partners, Karma Ventures and 7 Others
Latest Funding Round: Series B, Jul 07, 2022, $*****
Tracxn Score: 56/100 What is this?
Competitors Rank: 131 of 4,309 Competitors

2. Jónsbók

AI tool connecting laws, regulations, and court cases with citations. It offers a solution for legal professionals, providing features to enhance productivity and legal work quality. It analyzes case files, drafts responses, and answers legal questions based on legal sources. The AI tool is custom-designed for the legal environment, focusing on legal sources. Data is stored encrypted with secure access controls and is not used to develop AI models.

Key facts about Jónsbók

Founded Year: 2024
Location: Reykjavik (Iceland)
Stage: Unfunded
Tracxn Score: 27/100 What is this?
Competitors Rank: 96 of 673 Competitors

View full list of companies in this sector

3. Hot Reach AI

Provider of AI-generated first lines for personalized cold outreach emails. It offers a service that generates personalized introductions for cold outreach, aiming to increase reply rates. Users upload LinkedIn profile URLs, and the system generates relevant first lines. The generated first lines are then appended to a downloadable file.

Key facts about Hot Reach AI

Founded Year: 2022
Location: Iceland
Stage: Unfunded
Tracxn Score: 24/100 What is this?
Competitors Rank: 332 of 2,225 Competitors

4. zerogpt.org

Provider of AI content detection, humanization, plagiarism checking, and image verification. The platform offers tools to analyze text for AI-generated patterns. It transforms AI content into human-like writing. The platform also detects duplicate content and verifies image authenticity.

Key facts about zerogpt.org

Founded Year: 2023
Location: Reykjavik (Iceland)
Stage: Unfunded
Tracxn Score: 24/100 What is this?
Competitors Rank: 80 of 208 Competitors

5. Generadordevoz

Key facts about Generadordevoz

Founded Year: 2023
Location: Iceland
Stage: Unfunded
Tracxn Score: 24/100 What is this?
Competitors Rank: 37 of 139 Competitors

Access the full list of 57 Native AI Startups in Iceland

Companies founded year-on-year in the Native AI sector in Iceland

18 Native AI startups in Iceland were founded in 2023 - this is the most number of startups founded in any year in the last 10 years.

Total Number of Companies

Year	No. of companies
2026	-
2025	1
2024	1
2023	18
2022	8
2021	18
2020	-
2019	1
2018	2
2017	1

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Total funding year-on-year in the Native AI sector in Iceland

The Native AI sector in Iceland saw a total funding of more than $25.1M in the last 10 years. The most amount of funding was in 2022 at more than $17M.

Total Funding

Year	Total Funding
2022	$17M
2020	$6.1M
2019	$2M

Recent Funding Rounds in Native AI in Iceland

In the year 2022, till July 2022, Native AI companies in Iceland have raised $17M in equity funding across 1 round.

Here are some recent, important funding rounds in Native AI companies in Iceland:

Company	Round Raised	Amount Raised	Funding Date	Investors
Lucinity	Series B	7072	Jul 07, 2022	Keen Venture Partners and 5 more
Lucinity	Series A	4511	Jul 15, 2020	Karma Ventures and 3 more
Lucinity	Seed	3373	Jun 05, 2019	Crowberry Capital and 1 more