Close Venture Management (“Close”) is pleased to announce it has invested £2.0 million in RFI Global Services Limited (“RFI”). Close is the sole investor in RFI, which provides third party testing of sophisticated electronic and wireless devices and sub systems. The investment was made across a number of Close’s funds.
Founded in 1987, RFI now operates internationally in three business areas: Cellular, Smart Cards and Wireless Communications. The largest area, Cellular, provides conformance testing services predominantly to the manufacturers of mobile phones. RFI’s clients in this area include Nokia and other Tier 1 manufacturers of mobile phones. Additionally, RFI is one of the few companies in the world authorised to provide Smart Card security testing for payment schemes, including Visa International.
The Close investment will be used to fund the purchase of new test equipment, thereby increasing the range of services offered by RFI. Commenting on the announcement, Ed Lascelles of Close Venture Management said: “This is a very exciting opportunity for Close; RFI operates in a rapidly growing market, with more and more phones produced each month, and with the handsets themselves becoming more complicated and multifunctional. We are delighted to back this excellent team and world-leading brand.”
RFI’s Chief Executive, Stephen Kirk, added, “We are looking forward to taking advantage of the many opportunities that Close’s investment provides. We are delighted to be working together with Close and to have their experience on board at this exciting and important time for RFI.”