The startup Smart Data multiplied its revenue last year, with the Reykjavik-based software company generating 125 million ISK in 2024, representing a 400% increase compared to 2023. The company's workforce also tripled over the same period, with ten employees now working at Smart Data. The company develops a variety of artificial intelligence solutions for businesses, and its clients today include Arctic Adventures, Bónus, Elko, Nova, RARIK, and the Tax Authority. The investors behind Smart Data include Founders Ventures, MGMT Ventures, Tennin, Icelandic Venture Studio, and Bright Ventures.

Revenue Growth Makes Operations Sustainable

"It has gone exceptionally well since the middle of last year when we completed the initial development of our key product, Context Suite. About seventy percent of our revenue in 2024 came in the latter half of the year. With this significant growth, we have managed to make the business sustainable. This success provides us with an opportunity to continue growing on a solid operational foundation while now focusing on international expansion," says Stefán Baxter, CEO of Smart Data.

Artificial Intelligence for Businesses

The flagship product of Smart Data is the Context Suite, an AI suite that includes, among other things, Support Intelligence, Demand Intelligence, and the smart assistant Mími, which has advanced language comprehension and speech capabilities. Context Suite enables workplaces to leverage artificial intelligence and data science to boost sales, service, and improve daily operations.

Ambitious Goals for 2025

Stefán says that Smart Data has ambitious goals for the new year. "We aim to establish ourselves as the most forward-thinking startup in the country. At the same time, we will continue strengthening and developing Context Suite in collaboration with our diverse and demanding clients. We also plan to begin selling Context Suite internationally, and that expansion project is a challenging undertaking. To achieve this, we will need to further grow our team, which will be exciting. If our plans go according to plan, 2025 will be a year of growth and harvest, and it's a lot to look forward to," concludes Stefán Baxter.