20 Future Icelandic HealthTech and MedTech Leaders

Nelson Advisors
2 hours ago
15 min read

The Icelandic healthcare technology (HealthTech) and medical device (MedTech) sectors have entered a period of unprecedented expansion, transitioning from a localised research infrastructure into a globally competitive innovation hub. This evolution is fundamentally rooted in the unique intersection of Iceland’s high-fidelity genomic data, a single-payer nationalised healthcare system, and a robust academic-clinical nexus centered at the University of Iceland and Landspítali University Hospital.

Historically known for pioneering work in population genetics through deCODE genetics, the contemporary Icelandic ecosystem has matured, giving rise to a new generation of leaders who are leveraging artificial intelligence (AI), advanced biotechnology and digital health platforms to address global medical challenges.

The emergence of Kerecis as the nation’s first "unicorn", achieving a $1.3 Billion valuation upon its acquisition by Coloplast, serves as a definitive proof-of-concept for the Icelandic model of innovation, catalyzing increased venture capital interest and proving that a small-market environment can produce world-leading medical solutions.

The Ecosystem Architecture: Institutional Drivers and Funding Landscapes

The trajectory of Icelandic HealthTech is inextricably linked to the institutional support provided by the University of Iceland (UI) and the strategic oversight of Landspítali University Hospital. The rate of innovation has accelerated significantly in recent years, with patent applications from the research community increasing from one per year to nearly one per month by 2024.

This productivity is fostered through formalised recognition programs such as the UI Science and Innovation Awards, which provide critical seed funding and institutional validation for projects in health and wellbeing.

Strategic Funding and Governance Entity	Primary Function in HealthTech Development	Key Initiatives and Recent Actions
Technology Development Fund (Rannís)	National grant provider for early-stage R&D.	Awarded ISK 15 million to Kaldur Therapeutics for brain injury research.
Frumtak Ventures	Leading domestic venture capital firm for HealthTech.	Led seed rounds for PLAIO ($4.7M) and Optise ($2.2M).
Brunnur Ventures	Venture capital firm focusing on global scalability.	Early investor in Oculis and contributor to its Nasdaq NY listing.
Klak Icelandic Startups	Primary business accelerator and mentorship hub.	Manages Startup Supernova and facilitates TINC accelerator in Silicon Valley.
Kría - New Business Venture Fund	Government-backed investment fund.	Provided matching fund offers to 11 startups including Kaldur Therapeutics in 2025.

The connectivity within the Icelandic startup community, characterised by a "small world" effect where the degree of separation between clinical experts, engineers and investors is minimal, serves as a primary success factor for domestic firms.

This proximity allows for rapid prototyping and clinical validation, making Iceland an ideal "test market" for HealthTech products before they scale into the European and United States markets.

1: Guðmundur Fertram Sigurjónsson (Kerecis) - The Regenerative Benchmark

Guðmundur Fertram Sigurjónsson, the Founder and CEO of Kerecis, is widely credited with establishing the blueprint for modern Icelandic MedTech success. His innovation, using intact fish skin for tissue regeneration and wound repair, initially faced the challenge of converting a natural byproduct into a high-technology medical product.

The Kerecis technology utilizes the biological similarities between fish skin and human skin, providing a scaffold for cell ingrowth that is naturally rich in Omega-3 fatty acids, which reduce inflammation and accelerate healing.

Sigurjónsson’s leadership was characterized by an early focus on the United States market, recognizing that the scale required for a MedTech exit could not be achieved domestically. His tenure saw Kerecis grow into a global leader in the wound-care space, culminating in its $1.3 Billion sale to Danish medical giant Coloplast in 2023.

Sigurjónsson’s contributions have been recognised with the Asa Gudmundsdottir Wright Award, and he remains a central figure in the newly established Icelandic Academy of Science and Innovation, where he serves as a mentor for the next generation of life science entrepreneurs.

2: Dr. Tryggvi Þorgeirsson (Sidekick Health) - Scaling Digital Therapeutics

Sidekick Health, led by CEO and co-founder Dr. Tryggvi Þorgeirsson, represents the pinnacle of the Icelandic digital health sector. The company has developed a patient-centric digital care platform designed to empower individuals with chronic illnesses through behavioural modification and clinical monitoring. Dr. Þorgeirsson, a physician by training, founded the company on the premise that healthcare must move beyond the clinic to manage the daily habits that drive chronic disease outcomes.

Sidekick Health has raised over $210 Million to date, positioning it as one of the most well-funded HealthTech companies in the Nordic region. The company’s strategic growth has been marked by high-profile partnerships with five of the world’s twenty largest pharmaceutical companies, integrating digital therapeutics with traditional drug regimens to improve patient adherence and quality of life.

Despite maintaining a global presence with offices in Europe and the US, Dr. Þorgeirsson emphasizes that the Icelandic market remains a critical research and development hub due to the country’s high-quality health metrics and collaborative clinical environment.

3: Dr. Hákon Hákonarson (Arctic Therapeutics) - The Genomic Strategist

Dr. Hákon Hákonarson is a preeminent figure in the transition of genomic research into clinical applications. As the founder of Arctic Therapeutics (ATx), Hákonarson leverages a career that includes serving as the Chief Scientific Officer of deCODE genetics and founding the Center for Applied Genomics (CAG) at the Children’s Hospital of Philadelphia, the world’s largest pediatric biobank. His expertise is reflected in a scientific output exceeding 1,000 publications, ranking him among the world’s most influential scientific minds.

Arctic Therapeutics, established in 2015, uses bioinformatic approaches and AI to repurpose existing drugs and develop new therapies for millions of patients. The company operates a clinical laboratory in Akureyri and maintains commercial operations in Reykjavik and Philadelphia. Hákonarson’s approach minimises the traditional risks of drug development by using genetic data to identify targets with a high probability of clinical success, particularly in the field of rare and hereditary diseases.

Leader	Key Background and Expertise	Primary Organization	Leadership Focus
Dr. Hákon Hákonarson	Former CSO of deCODE; Founder of CAG (CHOP).	Arctic Therapeutics	Genomic-driven drug repurposing and AI bioinformatics.
Ivar Hakonarson	Experience in IT startups (Basis, Sensa).	Arctic Therapeutics	Clinical laboratory operations and commercial growth.
Lisa DeMarco	25+ years in pharma (GSK); M&A specialist.	Arctic Therapeutics	Business development and IP strategy.
Dr. Charlly Kao	Immunologist; Operational leader at CAG.	Arctic Therapeutics	Scientific advisement and proof-of-concept design.

4: Dr. Örn Almarsson (Axelyf) - RNA Therapeutics and LNP Platforms

In the rapidly evolving field of nucleic acid medicine, Dr. Örn Almarsson, CEO and Co-founder of Axelyf, is positioning Iceland as a center for next-generation drug delivery. Axelyf, founded in 2022, focuses on the development of RNA therapeutics for oncology and autoimmune diseases. The company’s core innovation is its AXL lipid nanoparticle ($LNP$) platform, which was bolstered by the acquisition of assets from 76Bio, Inc., including a library developed by former Moderna mRNA-LNP experts.

Dr. Almarsson’s leadership integrates deep expertise in lipid chemistry and delivery biology with AI-driven design to solve the "delivery problem" that has historically limited the efficacy of RNA-based medicines. Axelyf operates as both a platform-enabling collaborator and an internal drug discovery house, with operations spanning Massachusetts and Iceland. The company is supported by a board of directors that includes Árni Blöndal of Brunnur Ventures, reflecting a strong connection to the Icelandic venture ecosystem.

5: Jóhann Guðbjargarson (PLAIO) - Disrupting Pharma Operations with AI

Jóhann Guðbjargarson, CEO and Founder of PLAIO, is addressing one of the most persistent inefficiencies in the global pharmaceutical industry: production planning. Despite the high-tech nature of drug manufacturing, many companies still rely on manual spreadsheets for demand and supply planning. PLAIO’s AI-powered software platform, which raised $4.7 Million in seed funding in 2024, digitises these processes to ensure that medicines are delivered to patients on time and with minimal waste.

Guðbjargarson’s 25-year career in the software industry, including roles at AGR and Rhino-Aviation, informed his vision for a "Coplanner" AI tool that supports production planners with optimisation suggestions. PLAIO’s platform is currently utilized by prominent European clients such as Coripharma, Camurus, and MS Pharma. Guðbjargarson emphasises that his mission is to "shake up the pharma world" by replacing human-error-prone manual work with precise, predictive technology.

6: Maria Bech (EpiEndo Pharmaceuticals) - Advancing Barrier Science

Maria Bech, CEO of EpiEndo Pharmaceuticals, leads a clinical-stage company with a unique focus on the impairment of epithelial barriers as a driver of inflammatory conditions. Bech joined the company in 2021 to guide its transition into clinical development. Under her leadership, EpiEndo has developed "Barriolides," a new class of orally available macrolides that have negligible antimicrobial activity but possess potent anti-inflammatory and immuno-modulatory properties.

The company’s lead asset, glasmacinal ($EP395$), is being developed primarily for Chronic Obstructive Pulmonary Disease ($COPD$), which the WHO projects will cost the global economy $4.8$ Trillion by 2030. In early 2026, EpiEndo completed a €9 Million convertible bond issue to fund a larger Phase 2b exacerbation reduction trial, demonstrating consistent investor confidence in Bech’s strategic direction and the potential of barrier-promoting therapies.

7: Dr. Martin Ingi Sigurðsson (Kaldur Therapeutics) - Mitigating Neurological Traumas

Kaldur Therapeutics, co-founded in 2024 by Dr. Martin Ingi Sigurðsson, represents a specialised frontier in MedTech: the mitigation of neurological damage caused by cerebral oxygen deprivation. This condition, which occurs during cardiac arrest or oxygen deprivation at birth, currently has limited therapeutic options. Dr. Sigurðsson, who serves as a primary contact for the firm, has overseen its rapid maturation, including the launch of its website in March 2025 and securing significant funding offers from the Icelandic Technology Development Fund and Kría.

The startup’s research is based on understanding the molecular mechanisms of hypothermia, a natural protective state against brain injury, to develop new drug derivatives and biomarkers. Kaldur Therapeutics’ potential to significantly reduce the long-term costs and human suffering associated with hypoxic brain injury makes it one of the most high-impact emerging companies in the Icelandic life science landscape.

8: Orri Guðmundsson (NeckCare) - Precision Wearable Diagnostics

Orri Guðmundsson, CEO of NeckCare, is leading the commercialisation of sensor technology for cervical spine assessment. NeckCare’s innovation centres on wearable sensors that provide objective analysis of neck mobility and motor control, addressing a significant gap in the diagnosis and treatment of head and neck injuries, including concussions.

Under Guðmundsson’s leadership, NeckCare has established the first Cervical Center of Excellence in Iceland and has recently expanded its operations into the United States. The "NeckSmart" technology is used by interdisciplinary teams of healthcare professionals to provide objective data for clinical decision-making, moving beyond the subjective assessments that have traditionally dominated physical therapy and rehabilitation. Guðmundsson’s background in sales and commercial leadership at Airtame and Siteimprove has been instrumental in positioning NeckCare for global market penetration.

Leader	Core Background	Focus Area	Technology Application
Orri Guðmundsson	Financial Economics ($MSc$); Commercial leadership.	Cervical Diagnostics	Wearable sensors for objective mobility analysis.
Adeline Tracz	Innovation leader at Landspítali.	AI Medical Coding	Clinical $NLP$ for multilingual record documentation.
Finnur Magnússon	Product management (Nox Health, Meniga).	Connected Home Care	Care coordination platform for aging-in-place.
Ólafur Þór Guðbjörnsson	Physiotherapist and CEO.	Digital Rehabilitation	Adaptive home-exercise programs with data-tracking.

9: Adeline Tracz (KatlaCode) - AI-Driven Administrative Efficiency

The administrative burden of medical coding is a major source of operational friction in modern hospitals. Adeline Tracz, CEO and Innovation Leader at KatlaCode, is solving this through an AI-powered system specifically designed for Icelandic and Nordic clinical records. KatlaCode, which won the UI Science and Innovation Award in 2024, uses advanced Icelandic language models to assist healthcare professionals in accurate and efficient documentation.

The founding team of KatlaCode includes Dr. Arnar Þór Guðjónsson, Head of ENT Surgery, and Dr. Hafsteinn Einarsson, an Associate Professor of Computer Science at the University of Iceland. This multidisciplinary team has already launched a live deployment at Landspítali University Hospital. Tracz’s vision extends beyond Iceland, with a roadmap that includes scaling to other Nordic hospitals and eventually launching multilingual clinical $NLP$ tools for international markets.

10: Dr. Einar Stefánsson (Oculis and Retina Risk) - The Veteran Innovator

Dr. Einar Stefánsson is perhaps the most prolific individual innovator in the Icelandic MedTech history, having co-founded at least four biotechnology firms including Oculis, Retina Risk, and Oxymap. Stefánsson, a leading ophthalmologist and professor at the UI Faculty of Medicine, has successfully transitioned from bench research to commercial exits, such as the acquisition of Cyclops ehf. by deCODE genetics in 2000.

Oculis, his most prominent venture, has raised over $192 million and is dual-listed on Nasdaq New York and Nasdaq Iceland.

The company’s nanoparticle eye drops represent a paradigm shift in ophthalmology, potentially eliminating the need for intravitreal injections to treat retinal diseases. Simultaneously, Stefánsson’s work with Retina Risk provides a digital solution for diabetic patients, using risk calculators to prevent vision loss. His career exemplifies the "physician-entrepreneur" model that is central to the Icelandic innovation ecosystem.

11: Finnur Magnússon (dala.care) - Revolutionizing Home Based Care

Finnur Magnússon, CEO and Co-founder of dala.care, is addressing the global challenge of aging-in-place through technology-enabled coordination. Founded in early 2023, dala.care is a custom-designed app and platform that connects care recipients, families, and professional caregivers to ensure seamless communication and management of home-based support.

Magnússon’s background in product management, including leadership roles at Nox Health and Meniga—informed the intuitive design of the dala.care platform. The project has a deeply personal origin, as Magnússon developed the foundation of the platform while managing care for his father, who lived with Parkinson’s for 13 years. In 2025, dala.care was selected to participate in the TINC business accelerator in Silicon Valley, reflecting its potential for international expansion and its role as a leader in the "connected home care" movement.

12: Brynja Ingadóttir (NúnaTrix) - Gamifying Pediatric Surgery Prep

Pediatric surgery is a significant source of trauma for both children and their parents. Brynja Ingadóttir, a co-founder of NúnaTrix, has developed a solution that uses gamification to mitigate this anxiety. Founded in 2019, NúnaTrix creates computer games that prepare children for the surgical experience, helping them understand the process and reducing the fear associated with the clinical environment.

The company is part of a broader trend in Iceland of utilizing software to improve patient outcomes through behavioral and psychological interventions. Ingadóttir’s work at NúnaTrix is supported by research conducted at the University of Iceland, highlighting the continued importance of academic spin-offs in the HealthTech sector.

13: Dr. Björn Lárus Örvar (ORF Genetics) - Plant-Based Protein Innovation

Dr. Björn Lárus Örvar is a pioneer in "molecular farming," a field that uses plants to produce high-value recombinant proteins. As a co-founder and Chief Scientific Officer of ORF Genetics, Örvar developed a method for growing these proteins inside bioengineered barley plants. This plant-based system is exceptionally pure and safe, making it ideal for use in scientific research and high-end skincare through their BIOEFFECT brand.

Founded in 2001, ORF Genetics has raised over $8.2 Million and serves as a model for how Icelandic biotechnology can combine traditional agricultural practices with cutting-edge genetic science. Örvar’s leadership has kept the company at the forefront of the growth factor market, with applications expanding into cellular agriculture and cultured meat production.

14: Kjartan Thorsson (Prescriby) - Data-Driven Opioid Risk Management

Kjartan Thorsson, CEO and Co-founder of Prescriby, is a doctor-turned-entrepreneur focusing on the root causes of the opioid crisis. Prescriby is a data-driven platform that helps clinicians manage the tapering of high-risk medications, such as opioids and benzodiazepines, to prevent addiction and ensure safe recovery.

Thorsson’s firm secured €2 Million in funding in 2024 to innovate its software, which provides structured recovery plans and objective monitoring for patients. Thorsson advocates for Iceland’s status as a "fantastic test market" for research and development, particularly for public health initiatives that require close collaboration between healthcare providers and technology developers.

15: Dr. Eyþór Rúnar Eiríksson (Euler) - High-Precision MedTech Manufacturing

Dr. Eyþór Rúnar Eiríksson, CEO and Co-founder of Euler, is bridging the gap between deep-tech AI and industrial MedTech manufacturing. Euler is a spin-out from the Technical University of Denmark (DTU) but is based in Iceland, and it provides real-time monitoring and fault detection for industrial 3D printing ($LPBF$ and $SLS$ processes).

Eiríksson’s leadership has led to a €2 Million seed round in late 2025, co-led by Frumtak Ventures and Kvanted. Euler’s software uses existing printer cameras and AI to identify potential defects during the build process, which is critical for the production of high-stakes medical implants and tools. Eiríksson notes that Euler’s platform can reduce failed builds by 77%, potentially saving $115,000 per printer annually, a crucial advancement for making large-scale 3D printing viable for medical applications.

16: Dr. Jón Jóhannes Jónsson (Lífeind and Parkinson's Test)

Dr. Jón Jóhannes Jónsson is a central figure in Icelandic clinical biochemistry and the founder of Lífeind, which specializes in nucleic acid analysis for DNA damage. His leadership in the academic sphere recently culminated in a significant breakthrough: the development of a blood test to diagnose Parkinson’s disease.

The project, which won the Health category at the 2025 UI Science and Innovation Awards, uses "Northern Lights analysis" to detect structural defects in mitochondrial genetic material isolated from blood platelets. This innovation offers the potential for early, non-invasive diagnosis of Parkinson’s, which could fundamentally transform how the disease is managed and treated globally. Dr. Jónsson’s ability to bridge university research with clinical practice continues to drive significant advancements in the MedTech space.

17: Guðjón Ólafsson (ProDiGY and Molecular Glues)

Guðjón Ólafsson, an Assistant Professor at the UI School of Health Sciences, was the overall winner of the 2025 UI Science and Innovation Prize for the ProDiGY project. ProDiGY (Proximity-driven Discovery of Molecular Glue Targets) uses synthetic human-yeast protein interactions to identify targets for "molecular glues"—a revolutionary class of drugs that help cells eliminate disease-causing proteins

This technology offers a rapid and cost-effective method for cancer drug development, representing the next wave of Icelandic biotech leadership. Ólafsson’s work exemplifies the transition from observational genomics toward functional synthetic biology, providing a new set of tools for the global pharmaceutical industry to address "undruggable" targets.

18: Ólafur Þór Guðbjörnsson (Euneo Health) - Digital Physical Therapy

Ólafur Þór Guðbjörnsson is the CEO and a co-founder of Euneo Health, a startup dedicated to making physical therapy more effective through digital tools. Founded in 2021 by a team of physiotherapists, Euneo addresses the problem of low patient adherence to home-exercise programs.

The Euneo platform allows clinicians to personalize evidence-based rehabilitation programs and provides real-time data on patient progress. Guðbjörnsson’s leadership has focused on clinical groundedness, ensuring the software meets the actual needs of both therapists and patients. With reports of 73% higher exercise adherence and 93% improved therapy experience from early users, Euneo is a leader in the digital physical therapy space.

19: Sigurður Thorarinsson (Landspítali Innovation)

While often working within the institutional framework, Sigurður Thorarinsson, the CTO and Head of Innovation at Landspítali University Hospital, is a pivotal leader in the Icelandic HealthTech ecosystem. Thorarinsson acts as a gatekeeper and facilitator, ensuring that startups have the necessary access to clinical environments for testing and validation.

Thorarinsson emphasizes that the small degree of separation between people in Iceland is a key success factor, allowing for agile collaboration between hospital staff and private innovators. His leadership in establishing an innovation path within the hospital has been instrumental in the success of projects like KatlaCode and the specialized one-year program for healthcare professionals focusing on digital technology.

20: Arna Harðardóttir (Helix) - Infrastructure Evolution

Arna Harðardóttir, CEO of Helix, manages the digital infrastructure that supports the entire Icelandic healthcare system.Helix originated from a 1993 entrepreneur-led mission to digitise the Icelandic health system and currently services the national Electronic Health Record (EHR) system.

Harðardóttir’s leadership is focused on the next evolution of EHRs—moving beyond simple records toward intelligent systems that support the patient journey and provide real-time clinical insights. As a central player in the ecosystem, Harðardóttir ensures that Iceland’s digital foundation remains robust enough to support the advanced AI and diagnostic tools being developed by the startups profiled in this report.

Comparative Analysis of Funding and Maturity

The Icelandic HealthTech sector is characterised by a high concentration of seed-stage and pre-series A companies, with a few notable mature players (Oculis, Sidekick Health, Alvotech) leading the way.

Company	Lead Founder/CEO	Funding Round	Amount Raised	Core Industry
Sidekick Health	Tryggvi Þorgeirsson	Late Stage	~$210M	Digital Therapeutics
Alvotech	Management Team	Growth/Public	Strategic	Biosimilars
Oculis	Einar Stefánsson	Nasdaq Public	~$192M	Ophthalmology
EpiEndo	Maria Bech	Convertible Bond	€9M (2026)	Respiratory Biotech
PLAIO	Jóhann Guðbjargarson	Seed	$4.7M	Pharma Supply Chain
Euler	Eyþór Rúnar Eiríksson	Seed	€2M	Additive Manufacturing
Optise	Ómar Thor Ómarsson	Pre-Seed	$2.2M	B2B Marketing/AI
Arctic Therapeutics	Hákon Hákonarson	Undisclosed	Biobank Access	Genomics

Strategic Synthesis: The "Icelandic Model" of Innovation

The rise of these 20 leaders suggests several critical success factors that define the Icelandic HealthTech ecosystem:

High-Fidelity "Living Lab" Environment: Iceland serves as a unique testbed where startups can achieve 100% market penetration or system-wide clinical validation in a relatively short period. This is particularly evident in the digital health (Sidekick, Helix) and administrative AI (KatlaCode) sectors.
Resourceful Biotech: The use of local biological assets—whether it be the genetics of a stable population (Arctic Therapeutics), the bioactive properties of cold-water fish skin (Kerecis, Feel Iceland), or the geothermal potential for high-value algae (Algalif) and barley production (ORF Genetics)—remains a primary differentiator.
Cross-Disciplinary Spin-offs: The University of Iceland’s ability to foster collaboration between the School of Health Sciences and the School of Engineering and Natural Sciences has produced a pipeline of companies that are inherently multidisciplinary (Heilsugreind, KatlaCode, Oxymap).
Venture Capital Maturation: The presence of sophisticated domestic investors like Frumtak and Brunnur, who understand the specific regulatory and capital requirements of life sciences, allows Icelandic firms to bridge the "valley of death" between university research and international series A rounds.

Conclusion: The Global Impact of Icelandic MedTech

The future of Icelandic HealthTech is no longer defined by its isolation but by its integration into the global medical landscape. The 20 leaders profiled in this report represent a diverse array of scientific and entrepreneurial talent, ranging from veteran physician-innovators like Dr. Einar Stefánsson to emerging AI specialists like Adeline Tracz and Dr. Eyþór Rúnar Eiríksson.

As these companies continue to move through clinical trials and global market expansion, they are likely to achieve significant exits similar to Kerecis, further cementing Iceland’s reputation as a "Life Science Island."

The shift from purely observational genomic research toward high-value therapeutics, predictive AI operations, and connected home care reflects a maturing ecosystem that is well-positioned to lead in the age of precision medicine and digital health.

For professional peers and global investors, the Icelandic ecosystem offers a high-density cluster of innovation that provides both scientific excellence and a proven path to commercial success.

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