The startup Aldin Dynamics has been named Startup Growth Company of the Year, an award recognizing strong development in the startup sector. The company’s revenue increased by 514% year-over-year, from ISK 151 million to ISK 929 million. Minister of Finance and Economic Affairs, Daði Már Kristófersson, presented the Growth Award 2025 at the Flora event space in the Reykjavik Botanic Garden in Laugardalur yesterday.

Aldin Dynamics specializes in the development of video games and software technology that enables users to have realistic interactions with AI characters in virtual environments. The company builds on many years of experience in virtual reality and is taking a new step toward the digital experiences of the future. Aldin holds two patents related to analyzing user behavior, as well as a number of registered trademarks in Europe and the United States, including Waltz of the Wizard, which has sold over one million copies internationally. Aldin’s products are designed for global markets, and nearly all of its revenue comes from outside Iceland.

Thor Ice Chilling Solutions also received recognition for significant growth. The company’s revenue increased by 531% year-over-year, from ISK 39 million to nearly ISK 247 million. Thor Ice Chilling Solutions develops and manufactures products for cooling fresh produce, particularly in poultry processing. Its goal is to help food producers save energy, reduce bacteria, and improve the quality of products delivered to consumers. Thor Ice’s markets are almost exclusively international, with customers including major food producers in France, the Netherlands, Poland, Canada, and Saudi Arabia.

Gunnar Steinn Valgarðsson and Hrafn Þorri Þórisson, the founders of Aldin Dynamics, met while studying at Reykjavik University and both continued doing research at the university after graduation:

This recognition is a great honor and motivation for us to continue our work. We would like to especially thank Iceland’s supportive startup environment, which has lifted us and empowered us through the years. We sincerely hope that many entrepreneurs take advantage of this unique innovation ecosystem, take the leap, and turn their ideas into reality. At Aldin, we aim to continue developing experiences that combine cutting-edge technology and art in new and accessible ways.

Ragnhildur Helgadóttir, President of Reykjavik University, emphasized in her speech the growing support and structured framework for innovation within the university, as demonstrated by an increasing number of patent applications in recent years and a growing number of companies formed with support from the school. She also highlighted the importance of nurturing individuals who choose to pursue education in a rapidly evolving technological landscape:

We need powerful and deeply thoughtful individuals who are willing to educate themselves and lead the way in development. And for that, we need strong universities. Innovation doesn’t just appear out of nowhere. It emerges when people recognize opportunities or challenges and have the tools and knowledge to act and solve them. As technology becomes an increasingly dominant and fast-changing part of our lives, it’s clear that innovation in Iceland depends on a university environment that stands up to international standards.

The Startup Growth Award (Vaxtarsprotinn) is given to startup companies with the highest revenue growth between the previous year and the current one. To be eligible, the company must have a founder actively involved, must not be majority-owned by one of Iceland’s 100 largest companies, a company listed on the main market of the stock exchange, or be listed itself. There is also recognition for startups that, for the first time, surpass ISK 1 billion in revenue during the past year.

The award is a collaborative project between the Federation of Icelandic Industries, the Icelandic Centre for Research (RANNÍS), the Startup Association of Iceland, and Reykjavik University. Its purpose is to highlight the achievements of fast-growing startups and generate more interest and understanding of their development efforts. The jury consisted of Hrafntinna Viktoría Karlsdóttir (Reykjavik University), Svandís Unnur Sigurðardóttir (RANNÍS), and Erla Tinna Stefánsdóttir (Federation of Icelandic Industries).