TD

Technology Development Fund

Europe, Gullbringusysla, Iceland, Reykjavík

Description

The Technology Development Fund (TDF), known locally as Tækniþróunarsjóður, stands as Iceland's most active early-stage financier for research and development projects and nascent startups. Operating under the umbrella of Rannís, the Icelandic Centre for Research, TDF plays a pivotal role in fostering innovation within the nation. Unlike traditional venture capital firms that primarily offer equity investments, TDF provides competitive grants, offering crucial non-dilutive capital to promising ventures and research initiatives.

Its strategic objectives are centered on cultivating new knowledge, facilitating its practical application, and driving technological development. The fund aims to stimulate economic growth and enhance Iceland's global competitiveness by supporting projects that demonstrate high potential for innovation. TDF's support spans various stages, from foundational research and experimental development to the initial phases of startup creation, ensuring a broad impact across the Icelandic innovation ecosystem.

The fund's grant structure is categorized to address different project needs. For instance, "Start-up projects" are eligible for grants up to ISK 15 million (approximately $108,000 USD), designed to propel early-stage companies. Larger-scale "Development projects" and "Research projects" can secure more substantial funding, with grants reaching up to ISK 50 million (approximately $360,000 USD). This tiered approach allows TDF to cater to a diverse range of innovative endeavors. In 2023 alone, the fund demonstrated its significant activity by disbursing a total of ISK 2.1 billion (approximately $15.1 million USD) across 80 distinct projects.

By consistently providing essential financial backing, the Technology Development Fund is instrumental in nurturing Iceland's scientific and technological advancements. Its commitment to supporting groundbreaking research and emerging companies ensures a steady pipeline of innovation, contributing significantly to the nation's economic diversification and long-term prosperity.

Investor Profile

Technology Development Fund has backed more than 694 startups, with 0 new investments in the last 12 months alone. The firm has led 689 rounds, about 99% of its total and boasts 14 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Grant, Seed rounds (top funding stages).
  • Majority of deals are located in Iceland, United States, United Kingdom.
  • Strong thematic focus on Software, Health Care, Manufacturing.
  • Typical check size: $36K – $360K.

Stage Focus

  • Grant (100%)

Country Focus

  • Iceland (92%)
  • United States (2%)
  • United Kingdom (2%)
  • The Netherlands (1%)
  • Norway (1%)
  • Japan (1%)

Industry Focus

  • Software
  • Health Care
  • Manufacturing
  • Information Technology
  • Medical
  • Biotechnology
  • Energy
  • Internet
  • Medical Device
  • Education
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does Technology Development Fund frequently co-invest with?

MO
Europe, Gullbringusysla, Iceland, Reykjavík
Co-Investments: 1
Co-Investments: 1
Landsbankinn
Europe, Gullbringusysla, Iceland, Reykjavík
Co-Investments: 1
Innovation Center Iceland
Europe, Gullbringusysla, Iceland, Reykjavík
Co-Investments: 1
DO
Europe, Gullbringusysla, Iceland, Reykjavík
Co-Investments: 1
Wistron Corporation
Asia, T'ai-pei, Taiwan, Taipei
Co-Investments: 1
Cleantech Open
North America, California, United States, Palo Alto
Co-Investments: 1
Shell Ventures
Europe, Zuid-Holland, The Netherlands, Rijswijk
Co-Investments: 1
Greenland Technologies Holding
North America, Saint Patrick, Trinidad and Tobago, New Jersey
Co-Investments: 1
WorldQuant Ventures LLC
North America, Connecticut, United States, Old Greenwich
Co-Investments: 1

Which angels does Technology Development Fund often collaborate with?

Shared Deals: 1

What are some of recent deals done by Technology Development Fund?

LearnCove

Reykjavík, Gullbringusysla, Iceland

LearnCove provides businesses with a modular and easy-to-use training platform for high-quality training across markets and cultures.

EdTechEducationEnterprise SoftwareSoftware
GrantJun 9, 2023
Orb

Reykjavík, Gullbringusysla, Iceland

Forest assessment solutions

CleanTechForestrySaaSSoftware
GrantJun 2, 2023
Amount Raised: $85,708
Abler

Reykjavík, Gullbringusysla, Iceland

We help clubs, coaches, parents, and ultimately the players to better harness the life developing in sports.

Sports
GrantSep 15, 2022
Princeton NuEnergy

Bordentown, New Jersey, United States

Princeton NuEnergy is a clean-tech startup focused on direct recycling technology for lithium-ion batteries.

Advanced MaterialsBatteryCleanTechRecycling
SeedMay 13, 2022
Amount Raised: $7,000,000
Cliezen

Reykjavík, Gullbringusysla, Iceland

Cliezen is a B2B SaaS that monitors the health of business relationships and the experience of B2B clients & predicts client churn.

B2BInformation TechnologySaaS
GrantDec 21, 2021
Amount Raised: $400,000
Atlas Primer

Reykjavík, Gullbringusysla, Iceland

Atlas Primer is a Education And Technology Platform.

Artificial Intelligence (AI)EdTechEducationInformation and Communications Technology (ICT)Machine LearningNatural Language ProcessingTechnical Support
GrantDec 1, 2021
Amount Raised: $400,000
Shaker

Reykjavík, Gullbringusysla, Iceland

Generative AI Platform for Marketing Teams. Create Campaigns & Content in Minutes, Not Weeks

Artificial Intelligence (AI)Generative AIMarketing AutomationSoftware
GrantMay 28, 2021
Amount Raised: $145,000
Atlas Primer

Reykjavík, Gullbringusysla, Iceland

Atlas Primer is a Education And Technology Platform.

Artificial Intelligence (AI)EdTechEducationInformation and Communications Technology (ICT)Machine LearningNatural Language ProcessingTechnical Support
GrantJun 1, 2020
Amount Raised: $150,000
Kúla 3D

Reykjavík, Gullbringusysla, Iceland

Kúla makes 3D lenses for smartphones and DSLR cameras.

3D TechnologyHardwarePhotographySoftware
SeedApr 26, 2018
Amount Raised: $300,000
Reon

Reykjavík, Gullbringusysla, Iceland

Reon is a product development company with a core focus on software product development.

SoftwareWeb Development
GrantMar 1, 2018
Amount Raised: $495,933