Investors back green washer Xeros with £3.5 million
Email a Friend
Green company Xeros has raised £3.5 million in new investment, which will be used to continue development of its water-saving technology.
Green company Xeros has raised £3.5 million in new investment, which will be used to continue development of its water-saving washing technology.
Three new investors – Entrepreneurs Fund, Parkwalk Advisors and Finance Yorkshire – as well as existing stakeholders IP Group, IP Venture Fund and RisingStars Growth Fund II, have backed Xeros in the fundraising.
Xeros, a spin-out company from the University of Leeds, is the brand name for a patented polymer-based cleaning system that the company claims can save up to 90 per cent of the water used in washing compared with conventional front-loading machines.
The patented process uses reusable plastic beads alongside a small amount of detergent to absorb and remove dirt.
Xeros chief executive Bill Westwater says: ‘We now have the funds to step up our technical development, particularly towards our ultimate goal of developing a washing system for the household.