News: Xeros in £10m funding round
Innovative Rotherham company, Xeros has successfully completed a £10m funding round to support the development of an entirely new clothes cleaning process.
The Leeds University spin-out, based on the Advanced Manufacturing Park (AMP), has developed a patented system using a unique method of special polymer beads rather than the usual large amounts of fresh water to clean clothes. Instead a small amount of water is added to loosen clothing stains and activate the beads.
The funding will be used to accelerate the roll-out of the Xeros commercial laundry cleaning system and finalise the development of a household system to replace conventional washing machines.
Invesco Perpetual managed funds is investing £6m in Xeros and shares in Xeros will be held in the Invesco Perpetual High Income Fund and the Invesco Perpetual Income Fund.
Directors and existing investors in Xeros invested £4m, including IP Group, Entrepreneurs Fund, Enterprise Ventures' RisingStars II Fund, Finance Yorkshire, and Parkwalk Advisors.
The Xeros system, that uses up to 70-90% less water than traditional washing machines, was named winner of the Rushlight Sustainable Manufacturing & Services Award and the winner of the Rushlight Environmental Management Award. The latter award represents the best technology, product or service chosen by judges from the winners of five Rushlight awards categories.
Bill Westwater, chief executive officer of Xeros (pictured), said: "We have a big but simple idea: to convert the traditional world of aqueous washing to Xeros bead cleaning. Our superior cleaning method delivers a whole variety of benefits to people, businesses and the environment. This fundraise represents another milestone in our journey towards making that idea a reality."
The $100 billion global laundry industry is the initial market for the Xeros polymer bead cleaning system. The technology launched into the commercial laundry market in late 2012 with initial sales into UK and US laundries.
Alan Aubrey, chief executive of IP Group, which now holds a direct beneficial stake of 14.8% in Xeros valued at £3.2m, said: "It is really encouraging to see Xeros receive such strong support and endorsement from both existing and new investors. Having backed Xeros from research out of the University of Leeds and supported it since then, it is exciting to see the business maturing and commencing roll-out."
Enterprise Ventures first invested in Xeros in 2009 when it led a £920,000 fundraising round. Julian Viggars, Head of Technology Investment with Enterprise Ventures, said: "Xeros' technology could redefine the future of domestic and commercial washing machines. We spotted the company's potential at an early stage and were committed to supporting it through its development period. We're delighted to be taking part in this latest fundraising."
Xeros website
Images: Xeros
The Leeds University spin-out, based on the Advanced Manufacturing Park (AMP), has developed a patented system using a unique method of special polymer beads rather than the usual large amounts of fresh water to clean clothes. Instead a small amount of water is added to loosen clothing stains and activate the beads.
The funding will be used to accelerate the roll-out of the Xeros commercial laundry cleaning system and finalise the development of a household system to replace conventional washing machines.
Invesco Perpetual managed funds is investing £6m in Xeros and shares in Xeros will be held in the Invesco Perpetual High Income Fund and the Invesco Perpetual Income Fund.
Directors and existing investors in Xeros invested £4m, including IP Group, Entrepreneurs Fund, Enterprise Ventures' RisingStars II Fund, Finance Yorkshire, and Parkwalk Advisors.
The Xeros system, that uses up to 70-90% less water than traditional washing machines, was named winner of the Rushlight Sustainable Manufacturing & Services Award and the winner of the Rushlight Environmental Management Award. The latter award represents the best technology, product or service chosen by judges from the winners of five Rushlight awards categories.
Bill Westwater, chief executive officer of Xeros (pictured), said: "We have a big but simple idea: to convert the traditional world of aqueous washing to Xeros bead cleaning. Our superior cleaning method delivers a whole variety of benefits to people, businesses and the environment. This fundraise represents another milestone in our journey towards making that idea a reality."The $100 billion global laundry industry is the initial market for the Xeros polymer bead cleaning system. The technology launched into the commercial laundry market in late 2012 with initial sales into UK and US laundries.
Alan Aubrey, chief executive of IP Group, which now holds a direct beneficial stake of 14.8% in Xeros valued at £3.2m, said: "It is really encouraging to see Xeros receive such strong support and endorsement from both existing and new investors. Having backed Xeros from research out of the University of Leeds and supported it since then, it is exciting to see the business maturing and commencing roll-out."
Enterprise Ventures first invested in Xeros in 2009 when it led a £920,000 fundraising round. Julian Viggars, Head of Technology Investment with Enterprise Ventures, said: "Xeros' technology could redefine the future of domestic and commercial washing machines. We spotted the company's potential at an early stage and were committed to supporting it through its development period. We're delighted to be taking part in this latest fundraising."
Xeros website
Images: Xeros
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