Mistbase, a startup developing a wireless communication solution within the Internet of Things (IoT) field, gets its first external investors when Lund University’s holding company, LU Innovation AB, becomes a minority shareholder. The startup is working to develop a system that enables wireless communication between devices, and aims at an upcoming standard that is not yet on the market.

“We focus on a solution for a standard that will be in the middle or end of 2016 and which involves an expansion of the existing system 4G LTE.” says Michal Stala, CEO of Mistbase, to 8till5.

The idea is that Mistbase works as a connection between larger system.

“We aim at those who want to get into the IoT market, but don’t already have an communication solution, will be interested in ours and integrate it into their products” Michal continues

Mistbase was formally established in mid-summer by Michal Stala and Magnus Midholt. Michal Stala has a background in ST-Ericsson and Ericsson and Magnus Midholt has a background of Sony Mobile. Michal is also a Ph.D. student at the Faculty of Engineering in Electrical and Information Technology. He conducts research on future wireless communications and business idea based on his research on data communication in mobile 4G networks.

“It is a spin-off of my research that Magnus and I have discussed back and forth during the spring how to take it further.” says Michal

Their aim is to have a demonstratable product out in February or March next year, and then look further at commercialisation.

How large the investment was has not been disclosed.