University of Leeds spin-out Xeros has plans to take its polymer bead cleaning technology into new markets with help from institutional investors.
The business, which combines what it calls a ‘superior cleaning performance’ with a reduction in water, energy and chemicals in the washing process, currently has 30 installed, or committed to be installed, machines in the US, UK and European Union.
Beads are released into the drum for cleaning, and are then removed from the clothes once the process is complete. Xeros claims that the technology uses 80 per cent less water, 50 per cent less energy and 50 per cent less detergent.
It’s growth to date has been funded using investments from firms such as Parkwalk Advisors, IP Group and Invesco Perpetual. Disclosed rounds include a £10 million deal in March 2013, £3.5 million commitment in November 2010 and £920,000 transaction in June 2009.
More on recent market admissions:
- Pets at Home becomes latest retail giant to announce IPO plans
- Discount retailer Poundland to list on stock market
- AIM admission for CityFibre as company raises £16.5 million
Admission, and subsequent fundraising, is expected to aid with the company’s desire to speed up the roll out in commercial laundry as well as financing the research and development of its application in other processes.
Bill Westwater, CEO of Xeros since 2008, comments, ‘Xeros’ technology has the potential to transform a number of industries globally and our planned admission to AIM will help accelerate our roll out in commercial laundry and fund development to commercialisation in other identified markets.’
Development has already begun in relation to new verticals for the business, with a joint co-operation agreement penned between Xeros and BASF in March 2013 to develop beads with enhanced performance. Xeros has also set up at the University of Nottingham to produce a product for the leather cleaning industry.