Icelandic company Nox Medical this week received the annual innovation award supported by The Icelandic Centre for Research, The Icelandic Innovation Centre and the Trade Council of Iceland.
Nox Medical was established in June 2006 with the goal of creating sleep disorder diagnosis equipment designed equally for children as for adults. At the time no equipment existed to help children with sleep disorders.
The awarding committee said in its notes that the company achieved its goal remarkably quickly, using only imagination and the experience and expertise of its staff to make a profitable medical equipment company with products sold around the world.
RUV reports that eight people work for Nox Medical and the company’s revenue in its first year of sales was ISK 170 million (USD 1.3 million), making the company self sufficient straight away.
The Innovation award was first given out in 1994. Among the companies which have won are ORF Genetics (2008), CCP computer games (2005), the Blue Lagoon (2000) and the domestic arm of deCODE Genetics (1998).
Congratulations.