Five leading Icelandic and Danish tech funds and investors, who invest in start-ups, have decided to invest $2.1m in Activity Stream, a software company that manufactures and sells the next generation of operational intelligence software.

Eyrir Sprotar, Frumtak 2, míó ehf., Startup Reykjavik Invest and Danish investment fund Seed Capital have joined together to invest in Activity Stream. The company had previously been awarded a grant of almost $300k from the Icelandic Technology Development Fund.

“Activity Stream is simply one of Iceland’s most exciting start-up companies, and we have high hopes for the company’s solutions.Investments of this kind are necessary so that Activity Stream can take the next step forward,” says Örn Valdimarsson at Eyrir Sprotar.

This is a major milestone for the company.Development of the first product version is well under way, and major international companies are already using the prototype and taking part in the development process.This is an IT solution in the field of operational intelligence, a field in which we see many future opportunities,” says Stefán Baxter, technical director and co-founder of Activity Stream.

All development of the software, which utilises artificial intelligence to improve operations and services, will take place in Iceland, while the company’s headquarters are in Denmark.

“The fact that leading tech investors and start-up funds invest in our company is a great recognition of our work.It is valuable to gain access to their expertise and experience.We have excellent staff, and the work ahead is both demanding and ambitious”, says Einar Sævarsson, CEO and co-founder of Activity Stream.

With domestic and foreign funds collaborating in this investment, we believe that all conditions are in place for Activity Stream to enjoy the necessary support to gain ground on the international market”, says Eggert Claessen at Frumtak 2.

“A dynamic entrepreneurial environment is vital for the economy, and it is highly gratifying to see a company supported by Startup Reykjavik attract such a powerful group of investors.The investment is a testament to the strength of Activity Stream’s founders and their hard work”, says Einar Gunnar Guðmundsson at Startup Reykjavik Invest.