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Xeros Complete Funding Round & Extend International Portfolio

posted 12 Mar 2013, 09:02 by RiDO Rotherham   [ updated 12 Mar 2013, 09:03 ]
Xeros, the Advanced Manufacturing Park (AMP) based developer of a revolutionary washing machine which minimises water usage, has completed a £10m fundraising round.

Invesco Perpetual managed funds led the round, investing £6m in Xeros. Directors and existing investors invested £4m, including IP Group, Entrepreneurs Fund, Enterprise Ventures' RisingStars II Fund, Finance Yorkshire, and Parkwalk Advisors.

The IP Group portfolio company said 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.

The $100bn global laundry industry is the initial market for the Xeros polymer bead cleaning system. The technology was launched into the commercial laundry market in late 2012.

"We have a big but simple idea: to convert the traditional world of aqueous washing to Xeros bead cleaning," said Xeros chief executive, Bill Westwater.

"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."

Following completion of the round, IP Group, a developer of intellectual property based businesses, holds a direct beneficial stake of 14.8 per cent in Xeros valued at £3.2m.

Alan Aubrey, chief executive of IP Group, 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."

The news comes at the same time that Xeros Inc., the US subsidiary of Xeros Ltd., announced its entrance into the North American dry cleaning channel with the instalment of a new unit today at Crest Cleaners in Clifton, Virginia. This marks the third U.S. installation of the Xeros system since it first entered the US market in September 2012.

Bill Westwater said; "We're pleased to announce our first U.S. retail installation and partnership with Crest Cleaners, an industry leader that shares our vision for providing cleaning technologies that not only reduce a company's carbon footprint, but also deliver superior cleaning performance. By joining the Xeros family, Crest and its customers will experience the benefits of our revolutionary cleaning process."

David Slan, CEO of Crest Cleaners, added; "We are very committed to providing our customers with 'fast, clean and green' dry cleaning services. Xeros' revolutionary technology affords us the ability to effectively replace our traditional washing machines and complement our existing environmentally friendly dry cleaning operations.

"By doing so, we believe Crest Cleaners will become the benchmark for all other environmentally friendly dry cleaners in North America. We are honoured to be among the very first in our industry to partner with Xeros and look forward to the many benefits it will bring to our customers and community."