Lund-based MistBase takes up 4 million SEK to build the next generation of communications for connected gadgets.

Press release 26 April 2016

Mistbase raises four millions and strengthens the board

IoT‐company Mistbase completes a four million fundraising round and expands the board with key competencies. Now, the company aims to be the first to enter the market of modems for IoT devices.

Michal Stala and Magnus Midholt founded Mistbase in 2015 together with LU Innovation System AB, and the last few months have been busy. At Mobile World Congress in Barcelona earlier this year, Mistbase became the first company ever to demonstrate a hardware prototype of the IoT‐ modem.

They have also managed to sign collaboration agreements with two market leading companies and CEO Michal Stala received an award for being one of the most innovative entrepreneurs in Sweden. And now, they complete a four million SEK venture round.

The company is focusing on development of wireless communications solutions in the field of IoT. Mistbase provides solutions based on the Cellular LTE IoT standards LTE Cat‐M and Narrowband IoT, by offering digital hardware and hardware control software with reduced device cost and power consumption.

Everyday items such as sensors, meters, homes, cars, are being connected to the Internet in a rapid pace.

”The figures depends on who you are asking but it is clear that we are talking billions of connected items within a few years” says Michal Stala and refers to the car industry as one example. ”There might even be more than one IoT‐modem in every car, perhaps one for security and one for infotainment.”

Michal Stala is a PhD student at the Faculty of Engineering, Lund University. The idea comes from his research in the field of Digital ASIC design and wireless communication. Among the new investors is Johan Qviberg via his investment company Quinary.

Joining the board are investors Andy Ketskes, Mårten Öbrink and Anders Berglund.

”We are very pleased with this reinforcement that will give Mistbase further industry knowledge and broaden our network”, says Linus Wiebe, Innovation Director at Lund University and Chairman of Mistbase.

About Mistbase AB – a company based in Lund, Sweden. Founded in 2015, focusing on development of wireless communications solutions in the field of IoT. Mistbase provides solutions based on the LTE IoT standards LTE Cat-M and Narrowband-Cellular IoT (NB-IoT), as well as Digital hardware and Hardware control software.

Original story