Xeros, a spinout from Leeds University commercialising a washing machine that reduces reliance on water, is raising £40m ($60.8m) for further development of its international rollout.
Commercialisation firm IP Group, an existing investor, will be putting in £4.7m of the total, while fund manager Neil Woodford will maintain an 8% stake in the company.
The move comes two months after the appointment of Mark Nichols as Xeros’ CEO.
The company will be using the cash to maintain its international expansion. Xeros began moving into the US following its IPO last year, selling industrial sized polymer bead-based washing machines to large scale laundry users such as hotels before making steps towards the wider consumer market with smaller models.
