Hefring Marine receives the Icelandic Innovation Award 2025

Hefring Marine has been awarded the Icelandic Innovation Award 2025 for developing and commercialising its intelligent marine assistance system, IMAS®, which uses artificial intelligence and real-time data to improve safety, fuel efficiency, and vessel operations. The award was presented in Reykjavik today at the Iceland Innovation Congress, at Gróska innovation hub. Karl Birgir Björnsson, CEO and co-founder of Hefring Marine, accepted the award on behalf of the company from Daði Már Kristófersson, Minister of Finance and Economic Affairs. 

Magnús Þór Jónsson, Professor of Mechanical Engineering at the University of Iceland (UI), is one of the company's three founders. The company has a particularly strong collaborative relationship with the UI, especially concerning student internship. Founded in 2018, Hefring Marine has rapidly achieved significant success in the global maritime technology market. The company originated from research into wave impacts and sea conditions concerning the speed of high-performance passenger vessels. These studies laid the foundation for developing of IMAS®, Hefring Marine’s AI-powered smart marine guidance system.

IMAS® processes real-time data from a range of onboard sensors and monitoring systems to provide actionable guidance to vessel operators and fleet managers. The system enhances safety, optimises fuel usage, monitors machinery health, and improves overall operational efficiency. It can, for example, recommend optimal speed based on prevailing sea conditions to reduce harmful slamming, help prevent injuries, minimise fuel consumption, and reduce equipment wear. It also enables operators to define operational zones, monitor alerts, and much more, delivering clear, data-driven insights for every voyage.

To support its innovation, the company has secured strong intellectual property protection, including patents in both Europe and the United States for methods and systems related to wave impact detection and analysis. The trademarks IMAS® and Hefring Marine are registered across major international markets.

Hefring Marine has demonstrated steady growth in recent years, marked by increasing revenues and expansion of its R&D team. Its technology is now trusted by rescue services, navies, fleet operators, boatbuilders, and maritime tourism providers across the globe, including in Norway, Sweden, the UK, the US, Canada, Italy, and Iceland.

Jury Statement

The jury commended Hefring Marine as a strong example of how Icelandic tech companies can establish a foothold in sectors previously seen as unrelated to the intellectual property industry. The company exemplifies how diverse operational data can be harnessed to develop innovative technologies with real-world impact.

Building on its expertise in boatbuilding and originally aiming to enhance the safety of whale-watching tour operations, the company has developed a user-friendly smart guidance system akin to the intelligent assistance systems found in modern vehicles. The system utilises AI to process complex, multi-source real-time data, including data from sensors, propulsion systems, navigation equipment, and more, to generate clear operational guidance for ship and fleet managers.

The system delivers immediate, tangible value: it enhances safety, reduces fuel consumption, and thereby lowers greenhouse gas emissions, directly contributing to sustainability in maritime operations.

Hefring Marine has clearly defined its target markets and earned trust in a demanding and relatively closed industry. Its revenue growth has been rapid, and several significant contracts are in the pipeline. The company has a clear vision for the future, with strong potential for international scaling. Its global IP portfolio further strengthens its position.

The jury concludes that Hefring Marine is a deserving recipient of the Icelandic Innovation Award 2025.

About the Icelandic Innovation Award

The Icelandic Innovation Award is jointly awarded by the New Business Venture Fund Kría, Business Iceland, the Icelandic Intellectual Property Office, and Rannís – The Icelandic Centre for Research.

The award recognises outstanding companies that develop and bring to market innovative products or services based on research and development. The aim is to highlight the importance of the connection between research, ingenuity, and value creation in the Icelandic economy.

Key evaluation criteria include:

• Whether the company is a startup based on a novel idea or technology
• The team’s capacity to carry out exceptional development work
• The commercial potential and market performance of the innovation
• The company's ability to maintain growth and competitiveness
• Whether its innovation practices serve as an inspiration to others

The award trophy is a sculpture of Freyr, the Norse god of fertility, by Icelandic artist Hallsteinn Sigurðsson.