24th September 2025

Rising Enterprise of the Year is Aldin Dynamics

The startup company Aldin Dynamics has been named the Rising Enterprise award of the Year, an award recognizing strong development and expansion of a startup. The company’s revenue increased by 514% year-over-year, rising from 151 million ISK to 929 million ISK. Minister of Finance and Economic Affairs, Daði Már Kristófersson, presented the Rising Enterprise award 2025 at Flóran in the Reykjavík Botanical Gardens in Laugardalur on Wednesday, September 24, 2025.

The photo is from the award ceremony for Vaxtarsprotinn in the Botanical Garden in Laugardalur.

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

Gunnar Steinn Valgarðsson, co-founder of Aldin Dynamics:
“This recognition is a great honor and motivation for our continued work. We especially want to thank the supportive startup environment in Iceland, which has given us wind in our sails over the years. We sincerely hope that as many entrepreneurs as possible take advantage of this unique innovation environment, take the step forward, and turn their ideas into reality. At Aldin, we aim to continue our journey of developing experiences that combine cutting-edge technology and art in a new and accessible way.”

Thor Ice Chilling Solutions also received recognition for strong growth. The company’s turnover increased by 531% year-over-year, rising from ISK 39 million to nearly ISK 247 million. Thor Ice Chilling Solutions develops and manufactures products for cooling fresh produce, especially in poultry processing. The company’s goal is to help food producers save energy, reduce bacteria, and improve product quality for consumers. Thor Ice Chilling Solutions’ markets are almost exclusively abroad, and the company has sold equipment to major food producers in Europe, with clients in France, the Netherlands, Poland, Canada, and Saudi Arabia.

Rising Enterprise award is a collaborative project between the Federation of Icelandic Industries (SI), the Icelandic Startups Association (SSP), Reykjavik University (HR), and the Icelandic Centre for Research (Rannís). The purpose of the project is to highlight the success of fast-growing startups and thereby increase interest and understanding of the development work of these companies. This is the 19th time the Startup of the Year award has been presented.

The jury consisted of Hrafntinna Viktoría Karlsdóttir for Reykjavik University, Svandís Unnur Sigurðardóttir for Rannís, and Erla Tinna Stefánsdóttir for the Federation of Icelandic Industries.