IP Group Plc. (IPO.L), a developer of intellectual property based businesses, Monday said portfolio company Xeros Limited, a spin-out company from the University of Leeds that has developed an entirely new clothes cleaning process, has successfully completed a 10 million pounds fundraising from existing and new investors.
The funding will be used to accelerate the roll-out of the Xeros commercial laundry cleaning system and finalise the development of a household system to replace conventional washing machines.
Invesco Perpetual managed funds led the round, and invested 6 million pounds in Xeros. Directors and existing investors in Xeros invested 4 million pounds.
Following completion of the round, IP Group holds a direct beneficial stake of 14.8 percent in Xeros valued at 3.2 million pounds. The fundraising has resulted in a fair value gain of 0.9 million pounds.
In addition to the group’s direct beneficial holding, another 8.3 percent interest is held by IP Venture Fund.
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by RTT Staff Writer
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