Xeros Ltd - EV leads funding round in Xeros Ltd
29 Jun 2009
EV, the independent growth and venture capital fund manager, has led the syndicate of investors backing a new innovative cleaning technology from the University of Leeds.
Xeros Limited is a new company which has developed “virtually waterless” clothes cleaning. Harnessing over thirty years of research at the University of Leeds, Xeros is the brand name for a patented polymer-based cleaning that creates a step change advantage in the cost and environmental impact of aqueous wash cleaning.
Xeros, which has in the last week demonstrated a working prototype at The Clean Show in the United States, has signed a deal with GreenEarth Cleaning, an environmentally friendly dry-cleaning business, to sell the technology across North America, and is aiming initially at the commercial washing market.
The funding round of £920,000, which was led by EV, includes investments from EV’s Rising Stars Growth Fund II, South Yorkshire Investment Fund’s Seedcorn Fund, IP Venture Fund and business angels. The funding will be used to finance the next stage of the company’s development, and to extend discussions with commercial partners.
The company’s washing innovation saves up to 90% of the water compared to conventional laundry systems and gives the same performance as conventional washing. The patented process uses reusable plastic beads alongside detergents, to absorb and remove dirt, and has the potential to provide significant benefits in energy and water efficiency without any compromise to performance.
Julian Viggars, EV’s Head of Technology, commented “Xeros has made a significant technological breakthrough, which could re-define the future of domestic and commercial washing over time; there are huge market opportunities and the company has attracted significant interest to date. We are backing a very good team and are committed to support the company through its commercial discussions over the coming period."
Edward French, EV’s Fund Manager at SYIF’s Seedcorn Fund, said, “The company will move from Leeds to South Yorkshire. Its washing process, which consumes substantially less water, provides substantial operating efficiencies. We see this as an opportunity to nurture and support a new company that has the potential to be a global brand in the region”.
Bill Westwater, Chief Executive of Xeros, commented, “We have an eye on the consumer market but it will take time and we believe success with commercial applications could act as a springboard to move into the consumer market”.
