Leeds spin-out Xeros intends to take near-waterless washing machine technology to AIM.

Xeros, a spin-out of Leeds University, is looking to raise £30m-£40m ($50m-$67m) in an initial public offering (IPO) on London’s AIM later this month.

The Yorkshire-based business, which is expected to be valued around £100m, has developed a polymer bead cleaning system to reduce water use in washing machines. The beads attract dirt away from clothes, reducing water needed for cleaning by 70% and halving the necessary power.

Spun out from Leeds in 2006, the firm has gone on to attract $20.5m in venture funding. Backers include venture firm Invesco, investor Parkwalk Advisors, commercialisation group IP Group, and others.

Funds raised from the IPO, which will see around a third of the company sold off according to news provider Financial Times, will be used to develop a domestic version of its washing machine whilst also allowing the company to pursue other avenues. Currently, the company has 30 machines installed in both the US and Europe at locations such as hotels and cleaning companies.