The Venture Codex

Led · Seed · Aug 2025

Axelyf develops next-generation lipid nanoparticle (LNP) delivery systems to improve RNA therapeutic delivery, combining novel ionizable lipids, advanced surface chemistry and AI-informed design. Its AXL technology integrates assets acquired from 76Bio with Axelyf’s proprietary IP and four distinct ionizable lipid series designed for potency, biodegradability and extrahepatic delivery. The company also built ANNA™, a machine-learning model for lipid optimization, and published a white paper showing ANNA outperformed current AI approaches for predicting LNP performance. Axelyf plans to use the new funding to advance development of its proprietary AXL technology and CMC capabilities. In partner studies AXL lipids demonstrated superior in vivo gene editing potency versus the LP-01 benchmark, higher mouse gene editing efficiency at lower doses without signs of liver toxicity, and high potency for gene insertion with reduced immune stimulation. Its lead investigational candidate, AXL-003, targets an undisclosed autoimmune condition using liver-directed delivery; the company maintains an R&D subsidiary, Axelyf ehf, in Iceland.

Participated · Series A · Jun 2023

DTE develops LP-LIBS™ sensor technology that delivers reference-grade elemental analysis directly from high-temperature molten metals. Its sensors collect melt composition information from critical process points and feed those signals into a cloud analytics platform that produces predictive decision-making insights. The solution complements and replaces manual methods for process and quality control, enabling enhanced process control and decision support for manufacturers and metals producers. Led by CEO Karl Matthiasson, the company has positioned its offering to provide real-time information across reduction cells, transport crucibles, furnaces and launders. DTE intends to use the newly raised funds to expand operations and broaden its business reach. The company is based in Reykjavik, Iceland and recently completed a Series A2 financing totaling $16M. DTE develops a proprietary LP-LIBS™ contactless sensor platform that delivers reference-grade elemental analysis directly from high-temperature liquid metals in less than 60 seconds. Its technology replaces slow, manual, and expensive composition-sampling methods to provide real-time process and quality control. The platform feeds actionable decision-support and predictive analytics from the plant floor through corporate management to optimize production, safety, and sustainability. DTE positions its solution to help metals producers and manufacturers improve efficiency and support carbon-reduction goals. The company plans to use new funding to expand its growing sales pipeline and accelerate technology and product development. DTE is based in Reykjavik, Iceland. DTE develops next-generation sensors and analytics to transform metals production and processing, with a flagship DTE-EA product range that provides direct sampling and compositional analysis of molten metal. Its platform combines fully automated elemental analyzers that generate real-time, reference-quality elemental composition from liquid metal with a software analytics layer for proactive and predictive process control. DTE positions its technology to replace slow, expensive and manual process- and quality-control methods with real-time, in-line analysis of trace materials. Benefits cited in the article include increased production and quality, reduced costs, energy savings, and improved operator safety through reduced human intervention. The company focuses on Industry 4.0 applications and aims to bring its analytics technologies to market worldwide. DTE was founded in 2013 and is based in Reykjavik, Iceland.

Led · Seed · Apr 2023

Standby Deposits has developed a credit-based payment system that lets renters pay a minimal monthly fee instead of a large upfront security deposit. The solution is positioned as significantly less expensive than current market options and aims to foster financial inclusivity, affordability, and accessibility to rental housing. The product integrates into existing leasing processes with no additional staff training or procedure changes for property managers while offering the same protection as cash deposits. The company has a robust pipeline of property managers and is preparing for a Q2 launch targeting millions of renters across the United States. Standby Deposits plans to use its recent funding to scale operations, enhance its technology, and expand partnerships with property management companies and landlords. The team emphasizes user experience, scalability, and becoming a premier choice for rental deposit alternatives.

Led · Equity · Jan 2022

Taktikal builds next-generation enterprise-grade electronic signature software, including integrated smart forms, in-browser fill-and-sign, and email signing. The company leverages expertise with Nordic state-level authentication infrastructure to deliver faster processing, improved document management efficiency, reduced operational risk, and better customer experiences. Its products target automated customer and workforce onboarding, KYC, AML, and in-application electronic identity use cases. Taktikal plans to use new funding to accelerate international sales expansion into the global SME market, where ad hoc, low-security processes are common. The company is based in Reykjavik, Iceland and emphasizes secure, best-in-class processes for corporate onboarding and identity flows. Recent financing activity signals an initial institutional backing to support customer acquisition and the company’s international build-out.

Led · Equity · Dec 2021

Hopp operates a sustainable electric scooter rental platform and a global franchise model focused on micromobility for smaller cities. The company positions itself as carbon negative across all parts of the business, offsetting shipping and using electric or carbon-neutral service vehicles. Hopp enables individuals to launch and operate local franchises on an advanced software platform, with a single dashboard to manage operations and ongoing support. The company reports 2,300 scooters and 170,000 users across three countries and says it is growing at a steady rate. Hopp states that all franchisees make a return on their investment within one year of launch. The company was launched in Iceland by a team of software developers and plans to drive international expansion through its franchise strategy.