Innovation Center Iceland was established August 1, 2007 with the merger of the Technical Institute of Iceland (IceTec) and the Icelandic Building Research Institute (IBRI). It operates under the Ministry of Industry and receives revenue from both the public and private sectors. The Technical Institute of Iceland (IceTec) operated for 29 years, and was active in the R&D fields of biotechnology, nano technology, food and material technology. It also was active in areas of support for entrepreneurs & innovators. The Icelandic Building Research Institute (IBRI) was founded 42 years ago and operated mainly in the fields of innovation and research for building and structural improvement.

The expertise gained after decades of working with SMEs, businesses, research institutions and academia, as well as extensive experience in managing and cooperating domestic and European R&D projects, makes Innovation Center Iceland the partner of choice for a variety of projects.