July 10, 2020 – Iceland Venture Studio, a fund devoted to growing Icelandic tech startups, has announced that it has raised USD $2 million (in addition to its USD $1 million fund from 2019), and has made additional investments into its first portfolio companies. These include Flow, which develops immersive virtual reality-enhanced meditation programs, and RetinaRisk, which has created an algorithm that can help to predict diabetic retinopathy years in advance. Both companies have received an investment of USD $500,000 from the fund.
In addition, Iceland Venture Studios has stated that it is diversifying outside of the region and is seeking to invest a significant part of its newly-raised funds into innovative tech startups outside of Iceland. The fund is seeking investments in companies that are focused around the decentralization of private data, algorithms, privacy, process and data security.
“We’re very committed to both the past and future of Iceland Venture Studios as both a fund as well as the companies we have been fortunate enough to help in their seed rounds,” noted CEO and co-founder, Bala Kamallakharan. “We remain very bullish on both RetinaRisk and Flow and are very proud to be able to make further investments in their companies and team. Having raised twice the money in half the time of our first fund, fund two is earmarked not just for Iceland but for any company demonstrating vision and excellence in our target market segments.”
Commenting on the announcement, Kristín Hrefna Halldórsdóttir, CEO of Flow, said: “Bala is a legendary mentor to the Icelandic tech community and we are very happy that his fund has seen fit to not only continue its support of VR-assisted meditation, but also Flow’s worldwide promotion of pure Icelandic nature and progressive culture”. She added, “The new investment of USD $500,000 into Flow will allow us to continue our journey of bringing meditation to not just the corporate world, but also to individuals who want to partake of guided meditation enhanced with VR, carefully curated music and nature straight from Iceland.”
“RetinaRisk has developed a unique, proprietary algorithm that can correctly identify those most at risk of retinopathy and allows physicians and patients alike to take preemptive steps to prevent vision loss through proper diabetic management. Iceland Venture Studio has now invested a total of SUD $500,000 into our company and we are very honored to be working with Bala and his team,” said Sigurbjörg Ásta Jónsdóttir, CEO of RetinaRisk. “These new funds will be especially valuable as we seek to make our app also available to developing countries, where easy access to health care can be severely limited by geography.”
Iceland Venture Studio states that it provides a growth solution for entrepreneurs building the next-generation of services around decentralization of personal data, algorithms, privacy, process and data security. Serving startups worldwide, the Studio has a data-driven approach to developing and accepting founders into the program. For more information on the Iceland Venture Studio, click here.
Video credit: Flow / YouTube
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.