Xeros' 10 Million In New Funding to Accelerate Commercial, Residential Washing Machines Roll-Out
Mar 18, 2013
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Xeros Limited, UK-based developer of an innovative, low-water washing machine system, successfully completed a 10 million pounds fundraising from new and existing investors.
The funding will be used to accelerate the roll-out of the Xeros commercial laundry cleaning system and finalize the development of a household appliance intended to replace conventional washing machines.
Invesco Perpetual managed funds invested 6 million pounds in Xeros. Shares in Xeros will be held in the Invesco Perpetual High Income Fund and the Invesco Perpetual Income Fund, managed by Neil Woodford, head of UK Equities at Invesco Perpetual.
Directors and existing investors in Xeros raised the balance of 4 million pounds, including IP Group, Entrepreneurs Fund, Enterprise Ventures' RisingStars II Fund, Finance Yorkshire, and Parkwalk Advisors.
The Xeros machines clean clothes with very little water, and by making use of special polymer beads. The patented cleaning system comprises a special washing machine, designed to release the beads into the drum for cleaning and remove the beads from the clothes once the cleaning is complete. The machines can use up to 80% less water, 50% less energy, and 50% less detergent compared to conventional washing, even as the Xeros machines are designed to provide superior cleaning.
The $100 billion global laundry industry is the initial market for the polymer bead cleaning system. The technology was launched into the commercial laundry market in late 2012 with successful UK sites: Jeeves of Belgravia (London) and Watford launderers + cleaners. This was followed by installations in North America at Sterling Linen Services (New Hampshire), Hyatt Regency Reston (Virginia), and Crest Dry Cleaners (Virginia).
The company estimates that domestic washing machines in the UK consume about 50 liters of water per wash. On average, washer/dryer systems account for 13% of household energy use.
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