Red-M Group, a leading provider of services and products for managing wireless infrastructure, today announced the company has secured a further £0.75m ($1.4m) investment from Close Venture Management. This latest funding successfully completes a private equity investment round of £5.4m ($9.7m) led by Pi Capital. Other investors included Octopus Asset Management and existing investors, Funds managed by Apax Partners, and Interregnum plc.
Dave Richmond, Chief Executive Officer, Red-M Group said “The rapid increase in the use of wireless communications of many different types creates a need for organisations to manage the wireless activity in and around their buildings. This funding will enable Red-M to accelerate the development of our Total Airspace ManagementT services and products, to help more customers make their airspace pay. Our unique ability to deliver these solutions is reflected in our quality customer base. In addition, this capital will allow us to extend our reach beyond the U.K.”
Red-M provides software products and services for the wireless market and designs, implements and manages wireless networks across the spectrum of commercially used radio frequencies for blue chip clients. The company was formed in April 2005 by the merger of Cellular Design Services (CDS), a wireless consulting services provider, and Red-M Communications, a vendor of wireless security probes and monitoring software.
Wireless is one of the fastest growing IT markets and Red-M products and services already have a proven track record with customers including airports operator, BAA, property companies such a British Land and Hammersons, telecoms operators including O2, T-Mobile, 3 and BT Wholesale, and government agencies.
Commenting on the announcement, Andrew Elder of Close Venture Management said: “Red-M is operating in a rapidly developing market, and is well positioned to exploit the ever increasing opportunities, as demand for wireless management services grow. This funding will facilitate the company’s development and expansion, and is underwritten by the new and highly experienced management team on board.”