EV backs pioneering cleaning firm
NORTH WEST investment fund manager Enterprise Ventures has led a £920,000 funding for the university spin-out company developing an innovative cleaning technology.
The Preston-based growth and venture capital fund manager, has invested in Xeros, a new business born out of the University of Leeds.
Xeros has developed “virtually waterless” clothes cleaning. Harnessing over 30 years of research at the university of Leeds, Xeros is the brand name for a patented polymer-based cleaning innovation.
Xeros, which has in the last week demonstrated a working prototype at The Clean Show in the US, 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 a 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. “
