Tuesday, November 9, 2010

News: Xeros successfully completes £3.5m funding round


Xeros Limited, an innovative cleantech company based in Rotherham that has developed an entirely new clothes cleaning process, has successfully completed a £3.5m round of funding.

Based on the Advanced Manufacturing Park (AMP) in Rotherham, the Leeds University spin-out is developing the world's first "virtually waterless" washing machines.

The funds were raised from new investors including Entrepreneurs Fund, who led the round, Parkwalk Advisors Ltd and Finance Yorkshire, as well as existing investors including IP Group, IP Venture Fund (a venture capital fund managed by IP Group) and RisingStars Growth Fund II, managed by EV Limited.

Xeros' patented technology has been developed over the past 30 years by textile chemistry professor Stephen Burkinshaw at the University of Leeds. The new washers will re-use polymer beads which act as a cleaning agent to remove dirt from clothes. The Xeros process saves up to 90 per cent of water compared to conventional washing machines.

Over the last 12 months, the company has developed a prototype machine that removes the beads from clothes after washing; has confirmed manufacturing and distribution partnerships both in the UK and US; and is gearing up for an initial launch in the commercial laundry market by the end of 2011. The company is also continuing to work towards the development of a household washing system.

Bill Westwater, Chief Executive of Xeros, said: "Obviously we are delighted with this funding completion. Of course, it's a vindication of our fast progress to date but, more importantly, we now have the funds to step up our technical development, particularly towards our ultimate goal of developing a washing system for the household.

"Genuine innovation in the laundry category is pretty hard to come by so Xeros stands out as a game-changer. The opportunity is to provide consumers with lower cost cleaning; dramatically reduce the considerable environment harm of laundry and provide incremental revenue streams throughout the supply chain."

Alan Aubrey, Chief Executive of IP Group, added: "It is particularly pleasing to see three new quality investors become Xeros shareholders while the company has also maintained strong support from its existing investor base. We remain extremely excited by Xeros' potential to become an excellent example of cutting edge British innovation in the "clean technology" sector."

Xeros Ltd website

Images: xerosltd.com


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