The licensing model
Probingon licenses a validated wireless intrabody communication subsystem, FAT-IBC, to OEM manufacturers of implantable medical devices. We do not develop finished devices, run clinical trials, or hold CE marking on end products. The OEM carries the clinical programme, the regulatory pathway, and the reimbursement strategy. Our obligation is component validation and integration support.
The analogy is ARM, not Medtronic. ARM does not manufacture phones; it licenses architecture to the companies that do. Probingon does not manufacture implants; it licenses the communication layer to the OEMs that do.
How we generate revenue
The licensing structure reflects a single principle: Probingon’s financial returns follow the OEM’s commercial journey, not Probingon’s own regulatory exposure. Revenue begins at agreement signature and continues through the OEM’s development and market access timeline, with a royalty stream that scales as the partner’s commercial footprint grows.
The OEM carries the clinical programme, the CE marking process, and the reimbursement strategy. Probingon’s obligation is component validation and integration support, not therapeutic development.
The market
FAT-IBC addresses the full field of bioelectric medicine (the use of electrical signals to modulate and monitor physiological processes that influence disease pathways), where implantable devices require reliable, low-power wireless communication between independent nodes inside the body. Every OEM in this space faces the same architectural constraint that FAT-IBC resolves: sensing and stimulation must currently be collocated in the same unit, because no existing wireless technology can connect independent implanted nodes reliably inside the body.
The immediate commercial entry point is neuromodulation, specifically spinal cord stimulation, where that constraint is most acute and the OEM base is well-established. Beyond neuromodulation, the same physical layer is relevant wherever implanted devices need to communicate between independent nodes. The addressable market is not defined by any specific clinical application. It is defined by the constraint itself, which applies across bioelectric medicine.
Build once. License everywhere.
Platform depth
FAT-IBC is Probingon’s primary commercial focus and the basis of the current investment round. The company also holds a broader technology portfolio developed in partnership with the Microwave in Medical Engineering Group at Uppsala University, covering additional sensing and communication modalities across clinical applications.
This portfolio reflects the depth of the underlying research platform and provides future commercial optionality. It does not change the investment thesis, which is the FAT-IBC licensing model.
Where we are now
| — | FAT-IBC validated at TRL 6 through the EU-funded H2020 B-CRATOS programme, independently assessed by an EU expert panel |
| — | Peer-reviewed and published in IEEE Transactions on Biomedical Engineering (2024) |
| — | Flexible wearable implementation validated in human volunteer trials and across multiple body-type phantoms; peer-reviewed and published in Scientific Reports (Nature Portfolio, 2026) |
| — | Core physics PCT patent application WO 2026/024215 A1 |
| — | Selected for the IVA List for Research Impact 2026 |
| — | Advanced seed round open: 15 MSEK at 60 MSEK post-money valuation |
| — | Active commercial dialogue with OEM prospects in neuromodulation |
What pre-clinical work means for FAT-IBC
A common reference frame in biotech and pharmaceutical investment is the development pipeline, where pre-clinical data answers the question: does the biological mechanism work at all? That model does not apply here. FAT-IBC is a communication layer, not a therapeutic agent. The core scientific question, whether RF signals can carry neural-rate data through adipose tissue at clinical distances, has already been answered through the EU-funded B-CRATOS programme and peer-reviewed publication in Scientific Reports (Nature Portfolio). The communication channel is agnostic to the type of bioelectric data it carries: whether the signal represents pain modulation or neural intent for brain-computer interfaces is immaterial to the physics of the transmission path.
Pre-clinical work for FAT-IBC is therefore not an efficacy test. It is regulatory configuration validation: demonstrating that this proven communication channel meets the performance and safety requirements of the EU Medical Device Regulation (MDR), specifically bench testing, biocompatibility, and EMC characterisation, when integrated into a specific anatomical site and clinical application. The closer analogy is EMC qualification of a validated antenna design for a new device integration, not a Phase I drug trial. What remains is engineering and regulatory documentation within a defined standards framework.
Deeptech seed funds invest at seed precisely because the valuation reflects remaining execution risk, not remaining science risk. For FAT-IBC, the science gate is already behind us. Investors who understand that distinction are pricing the round on what actually remains to be done.
Frequently asked questions
What does Probingon actually license — software, hardware, or IP?
Probingon licenses a validated technology package comprising the communication protocol, antenna design specifications, integration guidelines, and supporting validation data. The OEM uses this package to integrate FAT-IBC into their implantable device platform. Probingon does not manufacture hardware. The core physics is protected by a published PCT application (WO 2026/024215 A1), with additional applications in preparation.
How does Probingon generate revenue and what does the financial model look like?
Revenue is generated through three mechanisms: an upfront licence fee paid at agreement signature, milestone payments tied to the OEM’s regulatory and commercial gates, and per-unit royalties on deployed devices. The model scales with the OEM’s commercial footprint — Probingon does not carry clinical or regulatory cost. Specific commercial terms are discussed directly with prospective partners.
What is the exit model for investors?
The primary exit architecture is a royalty stream carve-out: a PE or royalty finance vehicle acquires contractual rights to the royalty stream, while Probingon AB continues as the operating entity. This preserves the licensing business and avoids whole-company sale or IPO dependency.
What is the current TRL and what de-risking has been done?
FAT-IBC has been validated at TRL 6 — technology demonstrated in relevant environment — through the EU-funded H2020 B-CRATOS programme, independently assessed by an EU expert panel. The 92 Mb/s sustained throughput result is peer-reviewed and published in IEEE Transactions on Biomedical Engineering (2024). A flexible wearable antenna implementation has been validated in human volunteer trials across obese and athletic body-type phantoms, with SAR confirmed at 0.3061 W/kg — well within the 1.6 W/kg IEEE safety limit — and published in Scientific Reports (Nature Portfolio, 2026). The physics is validated. What remains is OEM integration engineering and clinical application development, both of which are carried by the licensee.
What is the Series A trigger and what does the capital from this round fund?
The Series A trigger is the first OEM evaluation agreement combined with pre-clinical efficacy data from ongoing pre-clinical programmes, anticipated 2029–2030. The current seed round of 15 MSEK at 60 MSEK post-money funds the period between now and that trigger: OEM business development, IP prosecution across national phase entries, and the regulatory and integration engineering capability required to support the first licensee. Seed investors receive pro-rata rights into Series A (80–120 MSEK).
Who owns the IP and what is the relationship with Uppsala University?
Probingon AB holds the IP rights by virtue of Dr Robin Augustine’s majority ownership of the company. Dr Augustine is the original scientific inventor of FAT-IBC and holds the IP personally as majority owner and Chairman of the Board. There is no separate licensing or transfer agreement with Uppsala University. The Microwaves in Medical Engineering Group (MMG) at Uppsala University continues as the research partner and R&D source, with Probingon as the exclusive commercial vehicle for technology developed within the group.
Who are the OEM targets and how advanced is the commercial pipeline?
The immediate target market is spinal cord stimulation OEMs, where the colocation constraint FAT-IBC resolves is most acute and the commercial base is well-established. The addressable OEM universe includes the major neuromodulation manufacturers, with expansion into BCI, cardiac, and pelvic health applications as the platform matures. Active commercial dialogue with OEM prospects in neuromodulation and BCI applications is underway. Probingon does not disclose counterparty names at this stage.
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