A fantastic year marked by growth and development
After a challenging 2023 and a slow start, 2024 became the year we at Smart Data achieved all our goals, set records every quarter, and proved ourselves as a leading company in the field of applied artificial intelligence.
Our product, the Context Suite, experienced a growth spurt through development partnerships with leading Icelandic companies and is now a mature solution that will help a wide range of workplaces leverage AI in a simple, effective, and profitable way.
The journey of businesses toward AI-enhanced operations is only just beginning.
We completed a small bridge funding round in the first half of the year, welcomed back one of the original founders, moved into new headquarters, hosted a successful Smartfest in Iðnó, signed our first subscription agreements, significantly expanded our team of specialists, and reached profitability.
It wasn’t an easy year, but it leaves us with countless things to be grateful for.
Let’s take a closer look.
Calm start
The first quarter was quiet at the office. Parental leave and sick leave meant that there were only four of us — scattered across the globe — working on the development and customization of the Context Suite for clients.
That was about to change significantly.
Oxygen in the tank. The shareholder group is growing.
We have been incredibly fortunate with angel investors from the very beginning. They have supported us since Smart Documents was developing Quick Lookup and have been standing firmly behind us. However, it became clear early in the spring that we needed oxygen in the tank to take advantage of the opportunities that had opened up.
The national team of angels has invested in Smart Data.
Two new angels joined the team. Gísli Kr. Gíslason and Steinar Björnsson came to the table with experience, a constructive yet critical mindset, and a willingness to support us. These are qualities we deeply value when seeking investors.
With even more ambitious goals for the year, we hit the ground running into summer.
The family is growing and the prodigal son returns.
At the same time, Óli Páll rejoined Smart Data. He had parted ways with the company in 2020 after we participated in Startup Supernova. Óli Páll’s return was a major gain, and his hiring was the first of many successful recruitments throughout the year.
We started the year as four and ended it as thirteen — peaking in December, much like the Yule Lads.
This year, an international group of specialists joined the Smart Data family. These are experts in software, language technology, and artificial intelligence, and we consider ourselves incredibly fortunate to have them on board.
The Smart Data Nerd Heard is spread all over the world.
Some of them work solely on product development for Context Suite, while others work on adaptations for the growing group of demanding customers and partners.
Development partnerships in an experimental market
For a startup, developing products in close collaboration with clients is invaluable. We’ve been exceptionally fortunate in this regard, as the Context Suite has been built this way from the very beginning.
Initially, there were three development partners, but by the end of 2024, that number had grown to over ten. All of them are large and leaders in their respective fields. Just as importantly, they actively participate in the collaboration — which is absolutely essential to us.
The Context Suite is an accessible solution for applying a wide range of AI and data science capabilities. It’s designed to improve daily operations, sales, and customer service. Developing such a general-purpose software solution is a challenge, since diverse use cases and a broad target audience aren’t necessarily advantages when trying to find a clear and focused path to market.
We’ve chosen this approach because software like the Context Suite will be the most valuable and impactful way to take part in the transformation that is now beginning.
Main customers and partners.
It’s incredibly valuable to develop the Context Suite across diverse use cases, challenges, and problems. It makes our product better and helps us assess different applications and the value they generate.
We view the Icelandic market as the perfect testing ground, where we shape future partnerships with clients who provide us with a vital foundation for international expansion. Our stated strategy is to enter new markets and establish a foothold globally.
In the new year, we’ll continue working with focus and determination to carve out that path.
To put Smart Data on the map
One of our goals for the year was to put Smart Data on the map among IT professionals and the leaders of ambitious large companies in Iceland. To reach that goal, we partnered with Þrettánellefu ehf., who deserve special thanks for making it happen effectively and affordably.
Strong participation in events and conferences, along with active knowledge sharing about our work and products, has helped us achieve this milestone. In the new year, we plan to double down on these efforts.
Smartfest '24 and new headquarters
This past fall, we hosted Smart Night for the second year in a row, welcoming partners, investors, and friends. On one hand, Smart Night is a fun event where we showcase the year’s progress and share a bit about where we’re headed. On the other hand, we see it as an opportunity for people in the startup scene to come together, strengthen connections, and inspire one another.
That same day, we followed up with a housewarming party at Laugavegur 11, where we’ve settled into newly renovated offices that we’re both proud of and happy with.
A wonderful day
A bit more about the headquarters: It matters to us that we’ve found a good home — a place that’s welcoming to visitors and where everyone feels comfortable.
On the walls are five pieces that we created together. Ingi Freyr Atlason brought them to life and gave them their final form. Each piece comes with a short story that we’re happy to share with guests. You’re absolutely invited for coffee this year — just drop us a line!
A healthy sustainable growthrate
No year-end summary is complete without a touch of pride — backed by data, of course.
Things have gone exceptionally well since we shifted into second gear mid-year — and from that point on, things started moving as fast as we could handle.
The year 2023 saw 14x growth from 2022 — not surprising, as the previous year had largely been defined by early-stage development with little sales or a readily marketable product. In 2024, 70% of Smart Data’s revenue came in the second half of the year. Even so, revenue grew by 400% from 2023 to 2024.
With this significant growth, we achieved operational sustainability — a milestone that gives us the opportunity to continue maturing on a solid business foundation.
Smart Data’s annual revenue in 2024 was 125 million ISK, and 13 team members celebrated the new year together.
It’s only right to thank everyone who has shown us real support — especially those who did so when betting on a small startup carried greater risk.
Revenue growth isn’t a goal in and of itself, but it remains a welcome consequence of building the right product at the right time.
The product continues to mature.
The Context Suite continues to grow and mature, and it's worth highlighting four major milestones that are now in place.
Clear and insightful dashboards — where data is turned into actionable information — are rare. But with the Context Suite, untrained users can now serve themselves quickly and efficiently.
Voice-controlled interfaces — where users can speak to their data and its visualizations — was one of the things we mastered this year. It’s incredible what happens when natural language and familiar communication patterns are used to interact with data and software solutions.
After extensive work over the past year, the new visual interface for AI services and analytics will enable clients to independently manage the setup and operation of the system. It also opens the door for third parties — such as IT consulting and service firms — to support companies using the Context Suite. We see this as a key element in building a global sales and service network.
With simple customisation and easily configurable service options, more advanced analytics become accessible to clients. It’s essential that the Context Suite doesn’t behave like a black box in this regard — the client should always be in the driver’s seat.
Goals for the new year
We've set ambitious goals for the new year, which will hopefully prove as fruitful as the year just passed.
We intend to establish ourselves as the most progressive startup in the country.
We plan to continue strengthening and developing our product in collaboration with diverse and demanding clients.
We plan to launch international sales of the Context Suite.
With simple customisation and easily configurable service options, more advanced analytics become accessible to clients. It’s essential that the Context Suite doesn’t behave like a black box in this regard — the client should always be in the driver’s seat.
This year, we’ll finally fully integrate what Smart Data developed with Quick Lookup and external data into the Context Suite. This completes a loop that will give the Context Suite a unique edge in contextual and situational awareness. It will also enable automated enrichment of business data with the right external sources — a development that will undoubtedly open new doors.
We’ll continue strengthening our team, both locally and abroad. Don’t hesitate to reach out if you’d like to be part of an ambitious journey where the operations of companies and institutions are significantly improved — or even transformed — through applied artificial intelligence.
This is a long journey — and we’re only just getting started!
We’re grateful for the success and opportunities that 2024 brought us and look to the future with optimism.
The Smart Data family thanks you for reading and wishes everyone all the best in life and work in the new year.