# Technology Development Fund

> Technology Development Fund is a VC fund in Reykjavík backing Software and Health Care. See 112 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Reykjavík, Iceland
- Total investments: 112
- Last investment: Jun 2023
- Lead investor: 96%
- Last updated: Aug 2026
- Website: https://en.rannis.is/funding/research/technology-development-fund
- Facebook: https://www.facebook.com/taeknithrounarsjodur

Technology Development Fund is a VC fund in Reykjavík focused on Software and Health Care. The role of the fund is to support research and development activities, which aim towards innovation in Icelandic industry. The Technology Development Fund is a competitive fund which issues its calls for proposals twice a year.

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $300k–$7M |
| Grant | $52k–$410k |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Software | 24 | 21% |
| Health Care | 16 | 14% |
| Manufacturing | 12 | 11% |
| Information Technology | 12 | 11% |
| Medical | 8 | 7% |

145 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Grant | 91 | 81% |
| Seed | 2 | 2% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Iceland | 85 | 76% |
| United States | 3 | 3% |
| Japan | 1 | 1% |
| Germany | 1 | 1% |
| The Netherlands | 1 | 1% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| LearnCove | LearnCove provides businesses with a modular and easy-to-use training platform for high-quality training across markets and cultures. |  | Grant | Jun 09, 2023 |  |
| Orb | Orb's groundbreaking technology is leveraging the latest advances in computer vision and AI for on-site forest assessment with phones, reducing cost by 90% Orb's carbon and biodiversity platform delivers unmatched data and and transparency, maximising value of each carbon credit. | $85.7K | Grant | Jun 02, 2023 |  |
| Abler | Abler brings simplicity to the complexities of team management. With easy scheduling, messaging, payment, and data tools, Abler empowers users to spend more time cultivating the essential life skills and values learned through sports and other organised activities. |  | Grant | Sep 15, 2022 |  |
| Princeton NuEnergy | Princeton NuEnergy is a clean-tech startup focused on the direct recycling of lithium-ion batteries from electric vehicles and consumer electronics. Its patented Direct Battery Recycling technology to produce high-quality and high value-added cathode active materials with low operating cost from spent lithium-ion batteries and delivers sustainableenergy and environmental solutions. | $7M | Seed | May 11, 2022 |  |
| Cliezen | *Advanced Client Management* Cliezen is a B2B SaaS that monitors the health of business relationships and the experience of B2B clients & predicts client churn. Identify critical client experience gaps before it's too late with Cliezen AI-powered Advanced Client Management. | $400K | Grant | Dec 21, 2021 |  |
| Atlas Primer | Atlas Primer they provide education through the use of technology, by increasing access, usability and automation. Their approach allows the creation of interactive learning environments with even the simplest of devices and in the most remote locations. | $400K | Grant | Dec 01, 2021 |  |
| Shaker | Generative AI Platform for Marketing Teams. Create Campaigns & Content in Minutes, Not Weeks | $145K | Grant | May 28, 2021 |  |
| Atlas Primer | Atlas Primer they provide education through the use of technology, by increasing access, usability and automation. Their approach allows the creation of interactive learning environments with even the simplest of devices and in the most remote locations. | $150K | Grant | Jun 01, 2020 |  |
| Kúla 3D | Making your own 3D images and videos is easy. New devices to watch 3D are popping up, but something is missing: your own personal 3D imagery; your friends and family in three dimensions. Since 2013 Kúla has made solutions for 3D photography with regular camera because they believe everyone should capture their precious moments in 3D. They make 3Dlenses for DSLR cameras and smartphones accompanied by the image processing software Kúlacode. | $300K | Seed | Apr 26, 2018 |  |
| Reon | Reon is a product development company with core focus on software product development. Reon works with ambitious companies striving for excellence helping them discover opportunities, find solutions and create valuable innovative products. | $369K | Grant | Mar 01, 2018 |  |

10 of 112 investments shown.

## Co-investors
- [AIBasis Fund](https://shizune.co/investors/profile/aibasis-fund) — VC Fund, 1 deal together
- [Cleantech Open](https://shizune.co/investors/profile/cleantech-open) — VC Fund, 1 deal together
- [Greenland Technologies Holding](https://shizune.co/investors/profile/greenland-technologies-holding) — VC Fund, 1 deal together
- [Directorate of Health](https://shizune.co/investors/profile/icelandic-directorate-of-health) — VC Fund, 1 deal together
- [Innovation Center Iceland](https://shizune.co/investors/profile/innovation-center-iceland) — VC Fund, 1 deal together
- [Landsbankinn](https://shizune.co/investors/profile/landsbankinn) — VC Fund, 1 deal together

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## FAQ

### What does Technology Development Fund invest in?

Technology Development Fund invests primarily in Software, Health Care and Manufacturing startups, most often at Grant and Seed stage. Most of the 112 investments tracked by Shizune back companies in Iceland. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Technology Development Fund's check size?

Technology Development Fund typically joins rounds of $300k–$7M at Seed and $52k–$410k at Grant. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Technology Development Fund participates in.

### When did Technology Development Fund last invest?

The most recent investment recorded for Technology Development Fund closed in Jun 2023. Shizune tracks 112 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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